Mumbai, Aug 1 (IANS): As the process for the withdrawal of the Rs 2000-currency notes continues, the RBI on Tuesday said that 88 per cent of the high-value denomination banknotes in circulation have been returned to banks till July 31.

The total value of Rs 2000 notes in circulation, which was Rs 3.62 lakh crore till March 31, had come down to Rs 3.56 lakh crore by May 19.

As per the latest data from banks, the total value of the Rs 2000 notes received back from circulation till July 31 is Rs 3.14 lakh crore -- 88 per cent of the total.

Presently, the Rs 2000 banknote still in circulation stands at Rs 0.42 lakh crore, said the RBI.

The central banks' data indicates that of the total banknotes in Rs 2000 denomination received back from circulation, around 87 per cent was in the form of deposits and the rest 13 per cent were exchanged into other denomination notes.

The RBI has urged the people to utilise the next two months to deposit or exchange the Rs 2000 banknotes still held by them to avoid any rush before the deadline of September 30, 2023.