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Reserve Bank of India (RBI) Governor Shaktikanta Das said on June 8 that almost 50 percent of the Rs 2,000 currency notes in circulation as of...
Digital Desk: Reserve Bank of India (RBI) Governor Shaktikanta Das said on June 8 that almost 50 percent of the Rs 2,000 currency notes in circulation as of the end of March have been returned to the banking system.
This amounts to around Rs 1.8 lakh crore in terms of value, the governor said. At the end of March, the total value of Rs 2,000 notes in circulation was about Rs 3.62 lakh crore.
The RBI governor further said that around 85 percent of the notes that have returned to the system are in the form of deposits.
As part of its clean note policy, the RBI announced the withdrawal of the Rs 2,000 bills on May 19. The RBI has given all banks till September 30, 2023, to complete exchange or deposit transactions smoothly. It also suggested banks to stop issuing Rs. 2,000 denominations with immediate effect.
The RBI introduced the Rs 2,000 notes in November 2016 to meet the economy's cash requirements quickly following the loss of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.
Das stated at the conference on Thursday that there is enough time for the public to deposit or exchange Rs. 2000 notes and that there is no need to fear.
The RBI governor also highlighted that there are no plans to withdraw Rs 5,000 notes or reintroduce Rs 1,000 notes.
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