MUMBAI, Jun 8: Shaktikanta Das RBI Governor on Thursday said about 50 per cent of Rs 2,000 notes in circulation has come back in the banking system since the RBI announced withdrawal of the highest denomination currency last month.He said that as of March 31, 2023, there were 3.62 lakh crore worth of Rs 2,000 notes in circulation.
After announcing the bimonthly monetary policy here, he said in a media interview that “so far, Rs 1.80 lakh crore have come back after the announcement.”
According to expectations, over 85% of the Rs 2,000 notes are arriving as deposits in bank accounts, he said.As part of its currency management, the Reserve Bank of India (RBI) announced on May 19 the withdrawal of banknotes having a face value of Rs 2,000 and allowed the exchange of such notes (up to Rs 20,000 in one transaction) beginning on May 23.Deposits and exchanges are still possible through September 30, 2023.
The governor also asked the populace to avoid last-minute crowds and not panic when exchanging or depositing notes worth Rs 2,000.Additionally, he made it plain that the RBI has no plans to discontinue the use of the Rs. 500 note or even to reintroduce the Rs. 1,000 note, and he urged the people to refrain from making any assumptions about this.
The RBI governor had previously stated that by the deadline of September 30, the majority of the withdrawn Rs 2,000 notes are anticipated to be returned to the banking sector.
