India

2,000 notes worth ₹10,000 crore remain in the system: RBI Governor

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.

Srushti Sharma

Recent Posts

Reaffirming Gandhi Ji’s Global Relevance: PM Modi’s International Tributes

Prime Minister Narendra Modi continues to honor Mahatma Gandhi’s ideals beyond India’s borders. During his…

7 hours ago

Delhi High Court Upholds AIMIM’s Recognition As Political Party

'The petitioner’s arguments cannot override the constitutional rights of AIMIM members. This petition has no…

7 hours ago

‘Democracy First, Humanity First’: PM Modi Highlights India-Guyana Parallels In Parliament Address

PM Modi emphasized the shared struggles of India and Guyana for independence from colonization. PM…

8 hours ago

Maharashtra Records 65.11% Voter Turnout In Assembly Elections, Marking A 30-Year High

The rise in turnout came with an 8.5% increase in the number of eligible voters.…

9 hours ago

42 Killed, 14 Injured In Militant Ambush In Pakistan’s Kurram Agency

"42 people have died as a result of firing on passenger vehicles in Kurram district.…

10 hours ago

Delhi HC Denies Relief To Arvind Kejriwal In Money Laundering Case

The Delhi HC has refused to stay the proceedings against Arvind Kejriwal in the money…

11 hours ago