{"id":11701,"date":"2024-02-25T06:22:07","date_gmt":"2024-02-25T06:22:07","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=11701"},"modified":"2024-02-25T06:22:07","modified_gmt":"2024-02-25T06:22:07","slug":"impact-of-rs-2000-notes-withdrawal-currency-in-circulation-growth-dips-to-3-7-in-feb","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/impact-of-rs-2000-notes-withdrawal-currency-in-circulation-growth-dips-to-3-7-in-feb\/","title":{"rendered":"Impact Of Rs 2,000 Notes Withdrawal: Currency-In-Circulation Growth Dips To 3.7% In Feb"},"content":{"rendered":"

Mumbai, Feb 25: The\u00a0<\/span>Reserve\u00a0<\/span>Bank\u00a0<\/span><\/a><\/span>of\u00a0<\/span><\/span><\/a>India<\/a>‘s\u00a0<\/span><\/span>(RBI)\u00a0<\/span><\/span>decision\u00a0<\/span><\/span>to\u00a0<\/span>remove\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>had\u00a0<\/span><\/span>an\u00a0<\/span>impact\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>growth\u00a0<\/span><\/span>in\u00a0<\/span><\/span>money\u00a0<\/span>in\u00a0<\/span><\/span>circulation,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>slowed\u00a0<\/span><\/span>to\u00a0<\/span><\/span>3.7%\u00a0<\/span><\/span>for\u00a0<\/span><\/span>the\u00a0<\/span>week\u00a0<\/span><\/span>ending\u00a0<\/span><\/span>February\u00a0<\/span>9\u00a0<\/span><\/span>from\u00a0<\/span><\/span>8.2%\u00a0<\/span><\/span>a\u00a0<\/span>year\u00a0<\/span><\/span>earlier.<\/span><\/span><\/span> <\/span><\/span><\/span>Notes\u00a0<\/span><\/span>and\u00a0<\/span><\/span>coins\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation\u00a0<\/span><\/span>are\u00a0<\/span>referred\u00a0<\/span><\/span>to\u00a0<\/span>as\u00a0<\/span><\/span>currency-in-circulation\u00a0<\/span><\/span>(CiC),\u00a0<\/span><\/span>whereas\u00a0<\/span><\/span>notes\u00a0<\/span>and\u00a0<\/span>coins\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation\u00a0<\/span><\/span>less\u00a0<\/span>cash\u00a0<\/span><\/span>held\u00a0<\/span><\/span>by\u00a0<\/span><\/span>banks\u00a0<\/span><\/span>is\u00a0<\/span>referred\u00a0<\/span><\/span>to\u00a0<\/span><\/span>as\u00a0<\/span><\/span>currency\u00a0<\/span><\/span>with\u00a0<\/span><\/span>the\u00a0<\/span>public.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>RBI\u00a0<\/span><\/a><\/span>claims\u00a0<\/span><\/span>that\u00a0<\/span><\/span>double-digit\u00a0<\/span><\/span>rise\u00a0<\/span>in\u00a0<\/span><\/span>deposits\u00a0<\/span><\/span>was\u00a0<\/span>reported\u00a0<\/span><\/span>by\u00a0<\/span><\/span>commercial\u00a0<\/span>banks\u00a0<\/span><\/span>in\u00a0<\/span><\/span>January,\u00a0<\/span><\/span>and\u00a0<\/span>that\u00a0<\/span><\/span>this\u00a0<\/span>increase\u00a0<\/span><\/span>is\u00a0<\/span>also\u00a0<\/span>related\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>withdrawal\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>in\u00a0<\/span><\/span>currency\u00a0<\/span>notes.<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span>to\u00a0<\/span><\/span>RBI\u00a0<\/span>data,\u00a0<\/span><\/span>the\u00a0<\/span>growth\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Reserve\u00a0<\/span><\/span>Money\u00a0<\/span><\/span>(RM)\u00a0<\/span><\/span>slowed\u00a0<\/span><\/span>to\u00a0<\/span><\/span>5.8%\u00a0<\/span><\/span>on\u00a0<\/span><\/span>February\u00a0<\/span>9,\u00a0<\/span><\/span>2024,\u00a0<\/span><\/span>from\u00a0<\/span><\/span>11.2%\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>same\u00a0<\/span><\/span>day\u00a0<\/span><\/span>the\u00a0<\/span>previous\u00a0<\/span>year\u00a0<\/span><\/span>(8.8%\u00a0<\/span><\/span>adjusted\u00a0<\/span><\/span>for\u00a0<\/span>the\u00a0<\/span><\/span>first-round\u00a0<\/span><\/span>impact\u00a0<\/span>of\u00a0<\/span><\/span>changes\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>Cash\u00a0<\/span>Reserve\u00a0<\/span>Ratio\u00a0<\/span><\/span>(CRR).<\/span><\/span><\/span> <\/span><\/span><\/span>CiC,\u00a0<\/span><\/span>bank\u00a0<\/span>deposits\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>RBI,\u00a0<\/span><\/span>and\u00a0<\/span>other\u00a0<\/span><\/span>deposits\u00a0<\/span><\/span>with\u00a0<\/span><\/span>the\u00a0<\/span>central\u00a0<\/span>bank\u00a0<\/span><\/span>are\u00a0<\/span><\/span>components\u00a0<\/span>of\u00a0<\/span><\/span>RM.<\/span><\/span><\/span> <\/span><\/span><\/span>Due\u00a0<\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>elimination\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>in\u00a0<\/span><\/span>banknotes,\u00a0<\/span><\/span>the\u00a0<\/span>increase\u00a0<\/span><\/span>in\u00a0<\/span><\/span>CiC,\u00a0<\/span><\/span>the\u00a0<\/span>largest\u00a0<\/span>component\u00a0<\/span><\/span>of\u00a0<\/span><\/span>RM,\u00a0<\/span><\/span>slowed\u00a0<\/span><\/span>to\u00a0<\/span><\/span>3.7%\u00a0<\/span><\/span>from\u00a0<\/span><\/span>8.2%\u00a0<\/span><\/span>a\u00a0<\/span>year\u00a0<\/span><\/span>earlier,\u00a0<\/span><\/span>according\u00a0<\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>RBI<\/a>.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>RBI\u00a0<\/span><\/span>declared\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>19,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>that\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>with\u00a0<\/span><\/span>a\u00a0<\/span>face\u00a0<\/span>value\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>will\u00a0<\/span><\/span>no\u00a0<\/span>longer\u00a0<\/span><\/span>be\u00a0<\/span>in\u00a0<\/span><\/span>circulation.<\/span><\/span><\/span> <\/span><\/span><\/span>As\u00a0<\/span><\/span>of\u00a0<\/span><\/span>January\u00a0<\/span>31,\u00a0<\/span><\/span>only\u00a0<\/span>roughly\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>8,897\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>worth\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>remained\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation,\u00a0<\/span><\/span>with\u00a0<\/span><\/span>nearly\u00a0<\/span><\/span>97.5%\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>having\u00a0<\/span>been\u00a0<\/span><\/span>returned\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>banking\u00a0<\/span>system.<\/span><\/span><\/span> <\/span><\/span><\/span>When\u00a0<\/span><\/span>the\u00a0<\/span>withdrawal\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>was\u00a0<\/span>announced\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>19,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>close\u00a0<\/span><\/span>of\u00a0<\/span><\/span>business,\u00a0<\/span><\/span>the\u00a0<\/span>total\u00a0<\/span><\/span>amount\u00a0<\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>2,000\u00a0<\/span><\/span>banknotes\u00a0<\/span><\/span>in\u00a0<\/span><\/span>circulation\u00a0<\/span><\/span>was\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>3.56\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>initial\u00a0<\/span>request\u00a0<\/span><\/span>was\u00a0<\/span>made\u00a0<\/span><\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>public\u00a0<\/span><\/span>and\u00a0<\/span><\/span>entities\u00a0<\/span><\/span>in\u00a0<\/span><\/span>possession\u00a0<\/span><\/span>of\u00a0<\/span>these\u00a0<\/span><\/span>notes\u00a0<\/span><\/span>to\u00a0<\/span>exchange\u00a0<\/span><\/span>them\u00a0<\/span><\/span>or\u00a0<\/span><\/span>place\u00a0<\/span><\/span>them\u00a0<\/span>in\u00a0<\/span><\/span>bank\u00a0<\/span>accounts\u00a0<\/span><\/span>by\u00a0<\/span><\/span>September\u00a0<\/span>30,\u00a0<\/span>2023.<\/span><\/span><\/span> <\/span><\/span><\/span>Later,\u00a0<\/span><\/span>the\u00a0<\/span>deadline\u00a0<\/span><\/span>was\u00a0<\/span>moved\u00a0<\/span><\/span>until\u00a0<\/span><\/span>October\u00a0<\/span>7,\u00a0<\/span><\/span>2023.<\/span><\/span><\/span> <\/span><\/span><\/span>On\u00a0<\/span><\/span>October\u00a0<\/span>7,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>deposit\u00a0<\/span><\/span>and\u00a0<\/span>exchange\u00a0<\/span><\/span>services\u00a0<\/span><\/span>were\u00a0<\/span>terminated\u00a0<\/span><\/span>at\u00a0<\/span><\/span>bank\u00a0<\/span>branches.<\/span><\/span><\/span><\/span><\/span><\/span>Beginning\u00a0<\/span><\/span>on\u00a0<\/span><\/span>October\u00a0<\/span>8,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>people\u00a0<\/span><\/span>would\u00a0<\/span>have\u00a0<\/span><\/span>the\u00a0<\/span>option\u00a0<\/span><\/span>of\u00a0<\/span>exchanging\u00a0<\/span><\/span>their\u00a0<\/span>cash\u00a0<\/span><\/span>or\u00a0<\/span><\/span>having\u00a0<\/span><\/span>the\u00a0<\/span>equal\u00a0<\/span>amount\u00a0<\/span><\/span>credited\u00a0<\/span><\/span>to\u00a0<\/span>their\u00a0<\/span><\/span>bank\u00a0<\/span>accounts\u00a0<\/span><\/span>at\u00a0<\/span><\/span>any\u00a0<\/span>one\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>19\u00a0<\/span><\/span>RBI\u00a0<\/span><\/span>locations.<\/span><\/span><\/span> <\/span><\/span><\/span>November\u00a0<\/span>2016\u00a0<\/span><\/span>saw\u00a0<\/span><\/span>the\u00a0<\/span>introduction\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Rs\u00a0<\/span>2,000\u00a0<\/span><\/span>banknotes,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>replaced\u00a0<\/span><\/span>the\u00a0<\/span><\/span>then-current\u00a0<\/span><\/span>Rs\u00a0<\/span>1,000\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span>500\u00a0<\/span><\/span>banknotes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

 <\/p>\n

\"Impact
Impact Of Rs 2,000 Notes Withdrawal: Currency-In-Circulation Growth Dips To 3.7% In Feb<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Mumbai, Feb 25: The\u00a0Reserve\u00a0Bank\u00a0of\u00a0India‘s\u00a0(RBI)\u00a0decision\u00a0to\u00a0remove\u00a0Rs\u00a02,000\u00a0banknotes\u00a0had\u00a0an\u00a0impact\u00a0on\u00a0the\u00a0growth\u00a0in\u00a0money\u00a0in\u00a0circulation,\u00a0which\u00a0slowed\u00a0to\u00a03.7%\u00a0for\u00a0the\u00a0week\u00a0ending\u00a0February\u00a09\u00a0from\u00a08.2%\u00a0a\u00a0year\u00a0earlier. Notes\u00a0and\u00a0coins\u00a0in\u00a0circulation\u00a0are\u00a0referred\u00a0to\u00a0as\u00a0currency-in-circulation\u00a0(CiC),\u00a0whereas\u00a0notes\u00a0and\u00a0coins\u00a0in\u00a0circulation\u00a0less\u00a0cash\u00a0held\u00a0by\u00a0banks\u00a0is\u00a0referred\u00a0to\u00a0as\u00a0currency\u00a0with\u00a0the\u00a0public. The\u00a0RBI\u00a0claims\u00a0that\u00a0double-digit\u00a0rise\u00a0in\u00a0deposits\u00a0was\u00a0reported\u00a0by\u00a0commercial\u00a0banks\u00a0in\u00a0January,\u00a0and\u00a0that\u00a0this\u00a0increase\u00a0is\u00a0also\u00a0related\u00a0to\u00a0the\u00a0withdrawal\u00a0of\u00a0Rs\u00a02,000\u00a0in\u00a0currency\u00a0notes. According\u00a0to\u00a0RBI\u00a0data,\u00a0the\u00a0growth\u00a0of\u00a0Reserve\u00a0Money\u00a0(RM)\u00a0slowed\u00a0to\u00a05.8%\u00a0on\u00a0February\u00a09,\u00a02024,\u00a0from\u00a011.2%\u00a0on\u00a0the\u00a0same\u00a0day\u00a0the\u00a0previous\u00a0year\u00a0(8.8%\u00a0adjusted\u00a0for\u00a0the\u00a0first-round\u00a0impact\u00a0of\u00a0changes\u00a0to\u00a0the\u00a0Cash\u00a0Reserve\u00a0Ratio\u00a0(CRR). CiC,\u00a0bank\u00a0deposits\u00a0at\u00a0the\u00a0RBI,\u00a0and\u00a0other\u00a0deposits\u00a0with\u00a0the\u00a0central\u00a0bank\u00a0are\u00a0components\u00a0of\u00a0RM. Due\u00a0to\u00a0the\u00a0elimination\u00a0of\u00a0Rs\u00a02,000\u00a0in\u00a0banknotes,\u00a0the\u00a0increase\u00a0in\u00a0CiC,\u00a0the\u00a0largest\u00a0component\u00a0of\u00a0RM,\u00a0slowed\u00a0to\u00a03.7%\u00a0from\u00a08.2%\u00a0a\u00a0year\u00a0earlier,\u00a0according\u00a0to\u00a0the\u00a0RBI. The\u00a0RBI\u00a0declared\u00a0on\u00a0May\u00a019,\u00a02023,\u00a0that\u00a0banknotes\u00a0with\u00a0a\u00a0face\u00a0value\u00a0of\u00a0Rs\u00a02,000\u00a0will\u00a0no\u00a0longer\u00a0be\u00a0in\u00a0circulation. As\u00a0of\u00a0January\u00a031,\u00a0only\u00a0roughly\u00a0Rs\u00a08,897\u00a0crore\u00a0worth\u00a0of\u00a0Rs\u00a02,000\u00a0banknotes\u00a0remained\u00a0in\u00a0circulation,\u00a0with\u00a0nearly\u00a097.5%\u00a0of\u00a0the\u00a0notes\u00a0having\u00a0been\u00a0returned\u00a0to\u00a0the\u00a0banking\u00a0system. When\u00a0the\u00a0withdrawal\u00a0of\u00a0Rs\u00a02,000\u00a0banknotes\u00a0was\u00a0announced\u00a0on\u00a0May\u00a019,\u00a02023,\u00a0at\u00a0the\u00a0close\u00a0of\u00a0business,\u00a0the\u00a0total\u00a0amount\u00a0of\u00a0Rs\u00a02,000\u00a0banknotes\u00a0in\u00a0circulation\u00a0was\u00a0Rs\u00a03.56\u00a0lakh\u00a0crore. The\u00a0initial\u00a0request\u00a0was\u00a0made\u00a0to\u00a0the\u00a0public\u00a0and\u00a0entities\u00a0in\u00a0possession\u00a0of\u00a0these\u00a0notes\u00a0to\u00a0exchange\u00a0them\u00a0or\u00a0place\u00a0them\u00a0in\u00a0bank\u00a0accounts\u00a0by\u00a0September\u00a030,\u00a02023. Later,\u00a0the\u00a0deadline\u00a0was\u00a0moved\u00a0until\u00a0October\u00a07,\u00a02023. On\u00a0October\u00a07,\u00a02023,\u00a0deposit\u00a0and\u00a0exchange\u00a0services\u00a0were\u00a0terminated\u00a0at\u00a0bank\u00a0branches.Beginning\u00a0on\u00a0October\u00a08,\u00a02023,\u00a0people\u00a0would\u00a0have\u00a0the\u00a0option\u00a0of\u00a0exchanging\u00a0their\u00a0cash\u00a0or\u00a0having\u00a0the\u00a0equal\u00a0amount\u00a0credited\u00a0to\u00a0their\u00a0bank\u00a0accounts\u00a0at\u00a0any\u00a0one\u00a0of\u00a0the\u00a019\u00a0RBI\u00a0locations. November\u00a02016\u00a0saw\u00a0the\u00a0introduction\u00a0of\u00a0the\u00a0Rs\u00a02,000\u00a0banknotes,\u00a0which\u00a0replaced\u00a0the\u00a0then-current\u00a0Rs\u00a01,000\u00a0and\u00a0Rs\u00a0500\u00a0banknotes.  <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,6,67,89],"tags":[],"class_list":["post-11701","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-business","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nImpact Of Rs 2,000 ; Currency-In-Circulation Growth Dips To 3.7%<\/title>\n<meta name=\"description\" content=\"The\u00a0Reserve\u00a0Bank\u00a0of\u00a0India's\u00a0(RBI)\u00a0decision\u00a0to\u00a0remove\u00a0Rs\u00a02,000\u00a0banknotes\u00a0had\u00a0an\u00a0impact\u00a0on\u00a0the\u00a0growth\u00a0in\u00a0money\u00a0in\u00a0circulation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jammubulletin.com\/site\/impact-of-rs-2000-notes-withdrawal-currency-in-circulation-growth-dips-to-3-7-in-feb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Impact Of Rs 2,000 ; 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