File image of a buyer exchanging foreign money notes at a financial institution.
| Photo Credit: A.M. FARUQUI
About 50% of ₹2,000 notes in circulation as on March 31, 2022, have been deposited or exchanged in banks for the reason that announcement to withdraw the foreign money, in response to Reserve Bank Governor Shaktikanta Das.
“So far, ₹1,80,000 crore worth of ₹2,000 notes have been deposited/exchanged,” stated Mr. Das throughout an interplay with media after releasing the bi-monthly financial coverage right here.
Around 85% of this so far has come by means of deposits. This is in line with expectation, the RBI chief stated.
On May 19, the Reserve Bank of India (RBI) introduced the withdrawal of ₹2,000 denomination banknotes as half of its foreign money administration and permitted the trade of such notes (up ₹20,000 in one go) from May 23 onwards. The trade or deposit window is on the market until September 30, 2023.
The governor additionally urged the general public to not panic for trade or deposit of ₹2,000 notes however ought to keep away from final minute rush.
He additionally made it clear that RBI just isn’t pondering of withdrawing ₹500 notes, and even re-introducing notes in the ₹1,000 denomination, and requested the general public to not speculate on this.
Last month, the RBI governor had stated the bulk of the withdrawn ₹2,000 foreign money notes are anticipated to be returned to the banking system by the September 30 deadline.
(With inputs from PTI)
