The Reserve Bank of India (RBI) Governor Shaktikanta Das. File
| Photo Credit: Reuters
Reserve Bank of India (RBI) Governor Shaktikanta Das on May 22 stated most of the withdrawn ₹2,000 rupee notes are anticipated to be returned by the deadline of September 30.
Speaking to reporters for the primary time for the reason that shock resolution to withdraw the best denomination currency notice was introduced, Mr. Das stated the choice was half of currency administration.
Also Read | RBI advises banks to proceed trade of ₹2,000 banknotes in ordinary method
₹2,000 currency notes proceed to be authorized tender, Mr. Das added.
Indian currency administration system could be very strong, trade fee has remained secure regardless of disaster in monetary markets resulting from warfare in Ukraine and failure of sure banks in the West, he stated.
The impression of the withdrawal on the economic system will likely be “very very marginal”, he stated, including ₹2,000 currency notes made up for simply 10.8% of the entire currency in circulation.
He stated ₹2,000 notes had been launched primarily to replenish the currency that was withdrawn following the 2016 demonetisation, he stated.
Also Read | Return of ₹2,000 notes to bolster financial institution coffers, cash market liquidity, says analysis report
While the withdrawn ₹2,000 notes can both be deposited in financial institution accounts or exchanged for different currency, banks have been suggested to make essential preparations for trade, he stated.
“We expect most of ₹2,000 banknotes to come back to the exchequer by September 30,” he stated.
“We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry.”
RBI, he stated, was delicate to difficulties confronted by folks and would come out with rules if want be.
Existing revenue tax requirement of furnishing PAN for deposits of ₹50,000 or extra in financial institution accounts will proceed to use for deposits of the withdrawn ₹2,000 notes, he stated.
Mr. Das stated liquidity in the system is being monitored each day.
