More than two-thirds of Rs 2000 notes have returned to banks: RBI governor
RBI Governor Shaktikanta Das has introduced that almost two-thirds of Rs 2000 notes have been deposited or exchanged in banks inside only a month of its withdrawal determination.
Now, inside only a month of constructing a big announcement to withdraw Rs 2,000 notes from circulation, the RBI has acknowledged that 72 per cent of the pink notes have been deposited or exchanged in banks.
Last week, RBI Governor knowledgeable this when he sat for an interview with PTI Bhasha on the RBI Headquarters. He stated, “More than two-thirds or ₹ 2.41 lakh crore worth of the ₹ 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week.”
He added that out of the entire cash that has returned to the system, practically 85 % got here within the type of deposits, whereas the remaining Rs 2000 notes had been exchanged within the type of foreign money.
Although the RBI has set September thirtieth because the final day for exchanges and deposits, Governor Das pressured that the deadline will not be fastened in stone. Consequently, he urged individuals to not rush in exchanging or deposing their cash.
Nevertheless, he expressed uncertainty relating to whether or not he would request the federal government to revoke the authorized tender standing of those ₹2000 foreign money notes as soon as the September 30 deadline passes.
During the earlier financial coverage assessment on June 8, the RBI governor introduced that roughly ₹1.8 lakh crore value of Rs 2,000 notes had been returned or deposited with the banks. This was round 50 per cent of the notes that had been in circulation as of March thirty first.
RBI’s May nineteenth determination
Earlier, on the nineteenth of May, the RBI introduced its determination to withdraw Rs 2,000 notes from circulation. The RBI, nonetheless, gave adequate time for depositing or exchanging these now-recalled 2000 foreign money notes. For this function, it requested residents to change them at banks by the thirtieth of September.
Back then, the Bankers Bank stated, “To complete the exercise in a time-bound manner and to provide adequate time to the members of the public, all banks shall provide deposit and/or exchange facility for Rs 2,000 banknotes until September 30, 2023.”
However, to make sure operational comfort and to keep away from disruption of the common actions of financial institution branches, the RBI had set an change restrict of Rs 20,000 at a time at any department which commenced on the twenty third of May.
In its notification, RBI defined that about 89 % of the Rs 2000 denomination banknotes had been issued previous to March 2017 and are on the finish of their estimated life span of 4 to five years.
