RBI Governor Shaktikanta Das stated on Thursday that as of now, near 50 per cent of the Rs 2,000 denomination notes that have been in circulation have come again to the banking system.
On Might 19 this yr, the Reserve Financial institution of India introduced that it was withdrawing Rs 2,000 denomination foreign money notes from the system. Folks having these notes may both change them in banks or simply deposit the notes of their financial institution accounts until September 30, it had stated.
“We had stated that as on March 31 this yr, completely Rs 3.62 lakh crore (value) Rs 2,000 notes have been in circulation. After the announcement that we made, completely thus far, about Rs 1.80 lakh crore (value) of Rs 2,000 notes have come again. That is roughly about 50 per cent of Rs 2,000 notes which have been in circulation on March 31,” Das advised reporters in a briefing publish the financial coverage announcement.
Out of the whole Rs 2,000 denomination foreign money notes which have come again into the system, on a provisional foundation, about 85 per cent of them are coming again as deposits into financial institution accounts, he additional added.
The Rs 2,000 denomination foreign money notes have been launched publish demonetisation in November 2016 when Rs 500 and Rs 1,000 foreign money notes have been withdrawn as authorized tender.
Final month, RBI stated it was withdrawing Rs 2,000 foreign money notes as part of its “clear observe coverage” and it additionally noticed that this denomination was not generally used for transactions. Printing of the stated notes was stopped again in 2018-19 as soon as banknotes in different denominations turned obtainable in enough portions.
Folks can change or deposit these notes in financial institution accounts until September 30. Governor Das appealed to those who they might do such change or deposit at their comfort and there was no must rush or panic as there was sufficient foreign money in inventory within the system. However, he additionally suggested them to keep away from a final minute rush throughout the previous couple of days of September.
Das additionally advised reporters that RBI had no plan to withdraw Rs 500 denomination notes or re-introduce Rs 1,000 foreign money notes. He additionally urged folks to not speculate on this.
