RBI Monetary Policy: About Rs 1.8 Lakh Crore Worth Of Rs 2,000 Notes Have Come Back, Says Governor Das
The governor, while addressing a press meet on the MPC, said, "About 85 per cent of Rs 2,000 notes are being deposited in bank accounts, which is in line with our expectations
RBI Governor Shaktikanta Das on Thursday said that so far, about Rs 1.8 lakh crore worth of Rs 2,000 currency notes have come back to the banking system. This figure is about half the notes in value terms that were in circulation as on March 31, 2023. The governor, while addressing a press meet on the MPC, said, "About 85 per cent of Rs 2,000 notes are being deposited in bank accounts, which is in line with our expectations.”
He also issued a note for the general public on exchanging or depositing Rs 2000 banknotes. “I would like to request the public to go to bank branches to deposit or exchange Rs 2,000 currency notes at their convenience. There is no reason to rush. At the same time, please do not leave it to the last moment,” Das added.
Last month, the central bank said that it expect most of the withdrawn Rs 2,000 rupee notes are likely to be returned by the deadline of September 30.
The RBI through a notification last month advised all banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. However, the banknotes in Rs 2000 denomination will continue to be legal tender.
In a statement, the RBI on Friday said, "The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2000 banknotes was stopped in 2018-19. In pursuance of the 'Clean Note Policy' of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation. The banknotes in Rs 2000 denomination will continue to be legal tender.”
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