Reserve Bank Governor Shaktikanta Das on Thursday said about 50 per cent of ₹2,000 notes in circulation has come back in the banking system since the RBI announced withdrawal of the highest denomination currency last month.
As on March 31, 2023, he said, ₹2,000 notes worth ₹3.62 lakh crore were in circulation.
“So far, ₹1.80 lakh crore have come back after the announcement,” he said during an interaction with media after releasing the bi-monthly monetary policy here.
About 85 per cent of ₹2,000 notes are coming as deposits in bank accounts and this is in line with expectation, he said.
On May 19, the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up to ₹20,000 in one go) from May 23 onwards. The exchange or deposit window is available till September 30, 2023.
The governor also urged the public not to panic for exchange or deposit of ₹2,000 notes but should avoid last minute rush.
He also made it clear that RBI is not thinking of withdrawing ₹500 notes, or even re-introducing notes in the ₹1,000 denomination, and requested the public not to speculate on this.
Last month, the RBI governor had said the majority of the withdrawn ₹2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.
