Rs 2,000 notes worth Rs 10,000 crore left in system: RBI Governor
PTI, Oct 21, 2023, 10:00 AM IST
New Delhi: Reserve Bank Governor Shaktikanta Das on Friday said Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people.
He exuded confidence that these notes will also be returned or deposited back.
“Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back,” he said on the sidelines of the event here.
Earlier this month, Das had said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters.
On May 19, the Reserve Bank of India (RBI) took the financial world by surprise when it declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as part of a rapid remonetisation effort.
This had followed Prime Minister Narendra Modi’s announcement to withdraw more than 88 per cent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.
Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.
On October 7, both deposit and exchange services at bank branches were discontinued.
Starting October 8, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 Reserve Bank of India locations.
Individuals or entities can exchange Rs 2,000 bank notes 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 getting Rs 2,000 notes credited into bank accounts.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
Gautam Adani charged in US with USD 250 mn bribery, fraud
India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra
RBI cautions public about ‘deepfake’ video of governor being circulated on social media
We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-cr penalty
MUST WATCH
Latest Additions
Siddaramaiah says confident of winning all three bypolls in Karnataka
Hop on! IT Minister Priyank Kharge checks out Uber Shuttle at Bengaluru Tech Summit
Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
AIMPLB to hold its annual general sessions in Bengaluru from November 23
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.