RBI Governor Confirms 50% Return of Rs 2000 Notes to Banking System
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, recently revealed that almost 50% of the total Rs 2000 notes in circulation have been returned to the banking system. This announcement comes just a month after the central bank announced the withdrawal of these notes.
Here are the key takeaways from Governor Das’ announcement:
– As of March 31, 2023, a total of Rs 3.62 lakh crore worth of Rs 2000 notes were in circulation.
– Since the announcement of the withdrawal, notes worth Rs 1.80 lakh crore have been returned.
– The share of Rs 2000 notes in the total currency in circulation is only 10.8%.
– The decision to remove Rs 2000 notes from circulation will have a very limited impact on the economy.
– The Rs 2000 note was introduced after demonetization in 2016 to compensate for the cash crunch.
– Banks have been advised to make necessary arrangements to exchange Rs 2000 notes.
– The deadline for returning Rs 2000 notes is September 30, 2023.
Governor Das also expressed his hope that most of the Rs 2000 notes would be returned by the deadline. This move is expected to help with the circulation of smaller denominations and promote a cashless economy.
In conclusion, the RBI’s decision to withdraw Rs 2000 notes from circulation is a step towards promoting a more efficient and effective cashless economy. With almost 50% of the notes already returned, it is expected that the deadline of September 30, 2023, will see a significant reduction in the number of Rs 2000 notes in circulation.
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