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File picture of a customer exchanging currency notes at a bank.
| 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 since the announcement to withdraw the currency, according to Reserve Bank Governor Shaktikanta Das.
“So far, ₹1,80,000 crore worth of ₹2,000 notes have been deposited/exchanged,” said Mr. Das during an interaction with media after releasing the bi-monthly monetary policy here.
Around 85% of this so far has come through deposits. This is in line with expectation, the RBI chief said.
On May 19, the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up ₹20,000 in one go) from May 23 onwards. The exchange or deposit window is available till September 30, 2023.
The governor also urged the public not to panic for exchange or deposit of ₹2,000 notes but should avoid last minute rush.
He also made it clear that RBI is not thinking of withdrawing ₹500 notes, or even re-introducing notes in the ₹1,000 denomination, and requested the public not to speculate on this.
Last month, the RBI governor had said the majority of the withdrawn ₹2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.
(With inputs from PTI)
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