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On June 8, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, stated that approximately 50 percent of the Rs 2,000 currency notes in circulation as of the end of March have been returned to the banking system. This amounts to around Rs 1.8 lakh crore in terms of value.
At the end of March, the total value of Rs 2,000 notes in circulation was approximately Rs 3.62 lakh crore.
According to Governor Das, about 85 percent of the returned Rs 2,000 notes are being deposited in bank accounts. The RBI had announced on May 19 that the Rs 2,000 notes would be withdrawn as part of its clean note policy. To facilitate the exchange process, the public has been given until September 30, 2023, to deposit all Rs 2,000 notes in banks.
During the conference, Governor Das reassured the public that there is no need to rush or panic while exchanging the notes. He emphasized that the RBI has no plans to withdraw Rs 500 notes or reintroduce Rs 1,000 notes, and he urged the public not to speculate on this matter.
The withdrawal of the Rs 2,000 notes aims to promote a cleaner and more efficient currency system. By returning a significant portion of these high-value notes, the RBI hopes to streamline the circulation of currency and encourage the use of lower denomination notes. This move is part of the RBI's ongoing efforts to ensure the integrity of the currency in circulation.
The RBI will continue to monitor the progress of the withdrawal process and work towards a seamless transition. Governor Das emphasized that the central bank remains committed to maintaining a robust and secure currency system that meets the needs of the public and the economy.
— Harshita Kumar
Also, Read Reserve Bank of India's Monetary Policy Statement for June
