No plans to withdraw Rs 500 notes, ask public not to speculate: RBI Governor

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• Jun 8, 2023 | Kabir Chakraborty

"The RBI is not considering withdrawing Rs 500 notes or reintroducing Rs 1,000 notes; we urge the public not to speculate," Das said at a press conference...... color:black">

color:black">Digital Desk: Governor Shaktikanta Das stated on Thursday that the
Reserve Bank of India has no intentions to withdraw Rs 500 notes from
circulation or reintroduce 1000-rupee notes.

color:black">"The RBI is not considering withdrawing Rs 500 notes or
reintroducing Rs 1,000 notes; we urge the public not to speculate," Das
said at a press conference following the release of the second bi-monthly
monetary policy for FY24.

The RBI Governor's
statement comes in the wake of the withdrawal of Rs 2,000 notes from
circulation. Das stated that 50% of the Rs 2,000 notes in circulation have been
returned. The total value of the returned notes is Rs 1.82 lakh crore.

"There were a total of Rs 3.62 lakh crore of Rs 2,000
banknotes in circulation." Following the announcement, over Rs 1.8 lakh
crores of Rs 2,000 banknotes were returned. This represents almost half of the
Rs 2,000 banknotes in circulation...," he explained.

According to Das, 85 percent of the returned 2,000-rupee notes
have been returned as bank deposits, with the remainder for exchange.

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