‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor

Reserve Financial institution of India (RBI) Governor Shaktikanta Das on Sunday mentioned that inside a month of the withdrawal order of Rs 2,000 notes, greater than two-thirds of the entire foreign money in circulation has returned to the system. As a part of the coverage, the central band on Could 19 introduced that the notes value round Rs 3.62 lakh crore might be withdrawn from circulation.

Talking in an interview with PTI, Governor Shaktikanta Das mentioned, “Greater than two-thirds or Rs 2.41 lakh crore value of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come again to the system as of mid-last week.”

The RBI governor additionally added that roughly 85 per cent of the general funds have returned to the system in deposits, with the remaining portion allotted to foreign money exchanges.

He additionally talked about that individuals don’t must rush to close by banks to change the Rs 2,000 notes regardless that the central financial institution has set September 30 because the final day to change the foreign money word.

Earlier, on June 8, saying the second financial coverage evaluation of the monetary 12 months, the RBI governor knowledgeable that round Rs 1.8 lakh crore value of Rs 2,000 foreign money notes have been returned to the system which was roughly 50 per cent of the notes within the circulation.

He additionally spoke concerning the impression on the financial system because the announcement. The RBI governor mentioned that he can not see any “unfavorable impression of the word recall” on the financial system in any respect.

This fiscal 12 months, RBI and the central authorities projected the GDP to clip at 6.5 per cent and q1 printing in at 8.1 per cent after which really fizzling out within the subsequent quarters.

Based on the RBI announcement, the present Rs 2,000 denomination banknotes would proceed to be authorized tender. Shaktikanta Das mentioned that he was uncertain about asking the Centre to cancel the authorized tender standing of those notes after the deadline, September 30.

The Rs 2,000 notes had been launched in November 2016, quickly after the central authorities introduced demonetisation the place it withdrew the authorized tender standing of all Rs 500 and Rs 1,000 notes. By March 2017, about 89 per cent of the Rs 2,000 banknotes had been issued. By the next fiscal 12 months, the entire worth of the banknotes in circulation witnessed a decline from Rs 6.73 lakh crore to Rs 3,63 lakh crore. RBI’s mint stopped printing the Rs 2,000 notes again in 2018-2019.