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₹2,000 notes worth ₹3.43 lakh crore have come back: RBI Governor

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On May 19, 2023, the RBI announced its intent to withdraw the ₹2,000 notes introduced in 2016 for quick remonetisation. File

On May 19, 2023, the RBI announced its intent to withdraw the ₹2,000 notes introduced in 2016 for quick remonetisation. File
| Photo Credit: The Hindu

Governor Shaktikanta Das on October 6 said ₹3.43 lakh crore of ₹2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8.

Addressing the customary post-policy press meet in Mumbai, Mr. Das said 87% of the notes which have been returned have been deposited into bank accounts, while the rest have been exchanged over the counter.

Also read | Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor

At present, over ₹12,000 crore of notes are still in circulation, Mr. Das said, reiterating that the notes can be returned even after the end of the extended period.

It can be noted that on May 19, the RBI had surprised all by announcing its intent to withdraw the ₹2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi’s announcement to suck out over 88% of currency in circulation by banning the ₹500 and ₹1,000 notes.

The RBI, which had initially given time till September 30, for getting the notes deposited or exchanged, extended the same by a week till October 7, on the last date.

Maintaining that the notes continue to be legal tender, the RBI had also announced a new system for getting them deposited or exchanged.

“… thereafter (from October 8) it can be, you know, deposited in or exchanged in the Reserve Bank in the issue offices of the Reserve Bank, which is there in almost every state capital we have presence. So there are 19 of them,” Mr. Das told reporters on Friday.

He added that the original objective of withdrawing the notes, which was also driven by the need to take care of old notes, has been “largely met”.

Mr. Das also said that the postal department’s services can be availed in case someone cannot travel to the RBI offices.

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