NEW DELHI: Reserve Bank Governor Shaktikanta Das said on Friday that Rs 2,000 notes are coming back and only Rs 10,000 crore of such notes are still with people. He expressed confidence that these notes will also be returned or refunded.
“Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. It is expected that the amount will also come back,” he said on the sidelines of the event here.
Earlier this month, Das had said that 87 percent of the Rs 2,000 notes withdrawn have been returned as deposits in banks, while the rest have been exchanged through counters.
On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it announced its plan to phase out the Rs 2,000 note, which was introduced in 2016 as part of a rapid remonetization effort.
This followed Prime Minister Narendra Modi’s announcement to withdraw over 88 percent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.
The public and entities holding such notes were initially asked to exchange or deposit them into bank accounts by September 30. The latter date was later extended to October 7.
On October 7, both deposit and exchange services at bank branches were suspended.
From October 8, individuals were given the choice to exchange the currency or have the equivalent amount credited to their bank accounts at 19 Reserve Bank of India locations.
Individuals or entities can redeem Rs 2,000 banknotes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for crediting notes of Rs 2,000 into bank accounts.
“Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. It is expected that the amount will also come back,” he said on the sidelines of the event here.
Earlier this month, Das had said that 87 percent of the Rs 2,000 notes withdrawn have been returned as deposits in banks, while the rest have been exchanged through counters.
On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it announced its plan to phase out the Rs 2,000 note, which was introduced in 2016 as part of a rapid remonetization effort.
This followed Prime Minister Narendra Modi’s announcement to withdraw over 88 percent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.
The public and entities holding such notes were initially asked to exchange or deposit them into bank accounts by September 30. The latter date was later extended to October 7.
On October 7, both deposit and exchange services at bank branches were suspended.
From October 8, individuals were given the choice to exchange the currency or have the equivalent amount credited to their bank accounts at 19 Reserve Bank of India locations.
Individuals or entities can redeem Rs 2,000 banknotes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for crediting notes of Rs 2,000 into bank accounts.
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