RBI Governor Confirms No Withdrawal of Rs 500 Notes or Re-introduction of Rs 1,000 Notes
Following the withdrawal of Rs 2,000 notes, there have been rumours about the Reserve Bank of India (RBI) also withdrawing Rs 500 notes or reintroducing Rs 1,000 denomination notes. However, RBI Governor Shaktikanta Das has clarified that the central bank is not considering either of these options. He has advised the public to avoid speculation and rumours.
50% of Rs 2,000 Notes Returned to the Banking System
Governor Das has also revealed that about 50% of the total Rs 2,000 notes in circulation have returned to the banking system. This is significant, as the central bank had announced the withdrawal of these notes last month. He added that, as of March 31, 2023, Rs 3.62 lakh crore worth of Rs 2,000 notes were in circulation.
Rs 1.80 Lakh Crore Worth of Rs 2,000 Notes Returned
Governor Das further stated that, since the announcement, Rs 1.80 lakh crore worth of Rs 2,000 notes have been returned. He also revealed that around 85% of Rs 2,000 notes are being deposited in bank accounts, while the remaining notes are being replaced with smaller denomination notes.
Limited Impact on the Economy
Last month, Governor Das had said that the decision to remove Rs 2,000 notes from circulation would have a very limited impact on the economy. He had also pointed out that the share of 2,000 notes in the total currency in circulation is only 10.8%.
In conclusion, Governor Das has denied rumours about the withdrawal of Rs 500 notes or re-introduction of Rs 1,000 denomination notes. He has also provided an update on the return of Rs 2,000 notes and its impact on the economy. The public is urged to avoid speculation and rumours and to stay informed from official sources.
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