NEW DELHI: In a recent announcement, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, revealed that approximately 50 percent of the Rs 2000 notes in circulation have been returned. Governor Das stated, “There were 3.62 lakh notes of two thousand rupees in circulation, out of which 1.80 crore notes have been returned as of March 31, 2023. About 85% of the Rs 2000 notes are coming back for deposits and exchanges.”
It is worth mentioning that last month, the RBI made an official declaration regarding the withdrawal of Rs 2000 notes from circulation. However, the central bank clarified that these notes would remain valid and could be deposited in banks until September 30, 2023. Additionally, instructions were issued to all banks to facilitate the exchange of these notes.
The revelation that fifty percent of the Rs 2000 notes have already been returned sheds light on the changing dynamics of currency circulation in India. The significant number of notes being returned for deposits and exchanges indicates a high level of engagement by the public in complying with the RBI’s directive.
According to the ANI, RBI Governor Shaktikanta Das said, Nearly 50% of the total Rs 2000 notes, 1.80 crore notes are back out of total 3.62 lakh notes in circulation by the date 31st March 2023. Roughly around 85% of Total notes of RS 2000 rupees are coming back tot he banks as deposits and rest are for exchange.
“Total Rs. 3.62 lakh crore of Rs 2000 banknotes were in circulation, after the announcement, about Rs 1.8 lakh crores of Rs 2000 banknotes have come back. This is roughly about 50% of the Rs 2000 banknotes, which were in circulation, on 31st March…so 50% of the banknotes have come back…”: RBI Governor Shaktikanta Das.
Nearly 50% of the total ₹2000 notes, 1.80 crore notes are back out of total 3.62 lakh notes in circulation by the date 31st March 2023. Roughly around 85% of Total notes of ₹2000 rupees are coming back tot he banks as deposits and rest are for exchange.#WATCH | "Total Rs.… pic.twitter.com/WEpucSeYeC
— ANI (@ANI) June 8, 2023
The withdrawal of the Rs 2000 notes is a strategic move by the RBI, aimed at managing the flow of currency and addressing concerns related to illegal activities such as money laundering and counterfeit currency circulation. By setting a deadline for the return and exchange of these notes, the RBI aims to ensure a smooth transition and minimize any potential disruptions to the economy.
Individuals holding these Rs 2000 notes are advised to follow the RBI’s guidelines and deposit or exchange them at their respective banks before the stipulated deadline. Banks have been directed to facilitate the process and ensure a hassle-free experience for customers seeking to exchange their notes.
The RBI’s decision to withdraw the Rs 2000 notes reflects its commitment to maintaining the integrity of the currency and strengthening the overall financial system. It is a proactive measure to adapt to evolving circumstances and to keep pace with global best practices in currency management.
As the deadline approaches, it is expected that more individuals will come forward to return or exchange their Rs 2000 notes. The RBI will continue to monitor the process closely and take appropriate measures to manage the currency transition effectively.
Source: Google News