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50% of Rs 2,000 notes back in banks, no plans to withdraw Rs 500 notes: RBI Guv
About 85% of Rs 2,000 notes have returned in form of bank deposits, RBI Governor Shaktikanta Das said; no plans to re-introduce Rs 1,000 notes.
About 85% of Rs 2,000 notes have returned in form of bank deposits, RBI Governor Shaktikanta Das said; no plans to re-introduce Rs 1,000 notes.
Around 50% of Rs 2,000 notes in circulation has returned to the banking system since the announcement of their withdrawal last month, Reserve Bank of India (RBI) Governor Shaktikanta Das said.
As of 31 March 2023, Rs 2,000 notes worth Rs 3.62 trillion were in circulation. “So far, Rs 1.80 lakh crore have come back after the announcement,” Das said today during an interaction with media after releasing the bi-monthly monetary policy.
About 85% of Rs 2,000 notes have returned in the form of bank deposits while the rest 15% have been exchanged at various bank branches, Das said, adding that ‘this is in line with expectation’.
On 19 May, the RBI announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management. The central bank gave public time from 23 May until 30 September to exchange these notes.
The governor also urged the public not to panic for exchange or deposit of Rs 2,000 notes. "Please avoid the last-minute rush in exchanging or depositing Rs 2,000 notes. There is no shortfall in currency, we have ample notes for exchange. Don't panic, no rush, but don't keep it for the last days of September," Das said.
Das also made it clear that RBI is not considering withdrawing Rs 500 notes or re-introducing notes in Rs 1,000 denominations.
