Governor of the Reserve Bank of India Shaktikanta Das announced on Friday that just ₹10,000 crore worth of ₹2,000 denomination notes remain in circulation. He gave off the impression that these notes would also be put back or returned.
There are barely ₹10,000 crore remaining in the system as 2,000 notes are being returned. On the fringes of the gathering, he stated, “We anticipate that the sum will also return.
Das had stated earlier in the month that 87% of the ₹2,000 denomination notes that were taken out have been refunded as bank deposits, with the remaining amount being exchanged between counters.
Also read: CBI Exposes Elaborate Network With International Links That Scammed Indians Of ₹300 Crore
The Reserve Bank of India (RBI), which had introduced the ₹2,000 note in 2016 as part of a swift remonetisation drive, surprised the financial community on May 19 when it announced its intention to phase it out.
This came after Prime Minister Narendra Modi said that the ₹500 and ₹1,000 notes would no longer be legitimate, withdrawing about 88% of the cash in circulation.
The initial request was made to the public and entities holding these notes to exchange or deposit them in bank accounts by September 30. Later, the deadline was moved to October 7.
Bank branches stopped offering exchange and deposit services on October 7.
Also read: CBI Exposes Elaborate Network With International Links That Scammed Indians Of ₹300 Crore
At 19 Reserve Bank of India sites, people have the option of exchanging the currency or having the equivalent amount credited to their bank accounts as of October 8.
Up to ₹20,000 in banknotes can be exchanged at a time by individuals or companies at any one of the 19 RBI locations for ₹2,000. Nevertheless, the total amount that can be credited to bank accounts in the form of ₹2,000 notes is not limited.
