NEW DELHI, Oct 19: Governor of the Reserve Bank of India Shaktikanta Das said on Friday that only Rs 10,000 crore worth of notes with a value of Rs 2,000 are still in circulation. He gave off the impression that these notes will also be put back or returned. There are barely 10,000 crore remaining in the system as Rs 2,000 notes start to return. He stated this on the fringes of the event: “It is anticipated that the sum will also return. Das had stated earlier in the month that 87% of the Rs 2,000 denomination notes that were taken out have been refunded as bank deposits, with the remaining amount being exchanged between counters.The Reserve Bank of India (RBI), which had introduced the Rs 2,000 note in 2016 as part of a swift remonetisation drive, surprised the financial community on May 19 when it announced its intention to phase it out.This came after Prime Minister Narendra Modi said that the Rs. 500 and Rs. 1,000 notes would no longer be valid, taking out more than 88% of the money in use. The initial request was made to the public and entities holding these notes to exchange or deposit them in bank accounts by September 30. Later, the deadline was moved to October 7. Bank branches stopped offering exchange and deposit services on October 7. At 19 Reserve Bank of India sites, people have the option of exchanging the currency or having the equivalent amount credited to their bank accounts as of October 8. Up to a total of Rs 20,000 can be exchanged by individuals or organisations at any of the 19 RBI offices for Rs 2,000 in bank notes. Nonetheless, the total amount that can be credited to bank accounts in the form of Rs 2,000 notes is unlimited.
