Rs 2,000 note withdrawal can boost GDP growth: Report
1 year, 9 months ago

Rs 2,000 note withdrawal can boost GDP growth: Report

India TV News  

The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event. The SBI economists also said that the RBI move is expected to increase donations to temples and other religious institutions through Rs 2,000 notes and will push sundry purchases like consumer durables and boutique furniture. As per the note, the RBI's retail central bank digital currency, which is being tested in a close user group already, will also benefit from the move to withdraw Rs 2,000 notes.

Cent Rbi Note Sbi Gdp Growth Rs 2000  crore  rbi  consumption  fy24  boost  rs  2000  cent  note  report  gdp  withdrawal  growth

History of this topic

India's GDP growth may hit 4-year low of 6.4% in FY25, shows government data
2 months, 3 weeks ago

India's GDP growth may hit 4-year low of 6.4% in FY25, shows government data

India Today  

India’s GDP growth is projected to slow sharply to 6.4% in FY25, down from 8.2% in FY24, according to the first advance estimates released by the National Statistics Office. "Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in Provisional Estimate of GDP for FY 2023-24. Real GDP at …

97.76 per cent of Rs 2,000 currency notes returned, says RBI
10 months, 4 weeks ago

97.76 per cent of Rs 2,000 currency notes returned, says RBI

India TV News  

The Reserve Bank of India revealed that as of May 2, 97.76% of the Rs 2,000 currency notes in circulation since May 19, 2023, have been reintegrated into the banking system. The total value of Rs 2,000 banknotes dropped significantly from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, marking a substantial …

Impact of ₹2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in February
1 year, 1 month ago

Impact of ₹2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in February

The Hindu  

The growth in currency in circulation decelerated to 3.7% for the week ended February 9 from 8.2% a year ago, reflecting the impact of the decision of the Reserve Bank of India to withdraw ₹2,000 banknotes. According to the RBI, commercial banks have reported double-digit growth in deposits in January, which too can be attributed to withdrawal of ₹2,000 currency …

RBI extends last date of depositing Rs 2000 notes to October 7
1 year, 6 months ago

RBI extends last date of depositing Rs 2000 notes to October 7

Op India  

On Saturday, September 30, the Reserve Bank of India issued a press release wherein it specified that the last date for depositing Rs 2000 notes has been extended to October 7, which means that the public has another week to deposit the currency in the banks. The options specified are as follows: Rs 2000 banknotes can continue to be exchanged …

RBI says 88% of ₹2,000 notes returned to banks
1 year, 8 months ago

RBI says 88% of ₹2,000 notes returned to banks

The Hindu  

The Reserve Bank on August 1 said 88% of the ₹2,000 banknotes valued at ₹3.14 lakh crore have returned to the banking system after it announced the withdrawal of the high-value currency notes from circulation in May. According to the data received from banks, the RBI said the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh …

Withdrawal of Rs 2,000 note won't harm economy: RBI Governor Shaktikanta Das
1 year, 9 months ago

Withdrawal of Rs 2,000 note won't harm economy: RBI Governor Shaktikanta Das

India Today  

Reserve Bank of India Governor Shaktikanta Das said the withdrawal of Rs 2,000 notes won’t have any negative impact on the economy. “One thing I can clearly tell you is that the Rs 2,000 note that we are withdrawing right now will not have any negative impact on the economy," Das told news agency PTI in an interview. In fact, …

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor
1 year, 9 months ago

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Sunday said that within a month of the withdrawal order of Rs 2,000 notes, more than two-thirds of the total currency in circulation has returned to the system. Speaking in an interview with PTI, Governor Shaktikanta Das said, “More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh …

Two-thirds of Rs 2,000 notes returned within a month of withdrawal: RBI Guv Shaktikanta Das
1 year, 9 months ago

Two-thirds of Rs 2,000 notes returned within a month of withdrawal: RBI Guv Shaktikanta Das

India TV News  

According to Reserve Bank Governor Shaktikanta Das, more than two-thirds of the Rs 2,000 currency notes were returned to the system within a month of the recall order. The Reserve Bank ordered the recall of Rs 2,000 banknotes worth approximately Rs 3.62 lakh crore on May 19 in an unexpected move that was part of the clean note policy. On …

RBI Has No Plan To Withdraw Rs 500 Note Or Bring Rs 1,000 Note; All You Need To Know
1 year, 9 months ago

RBI Has No Plan To Withdraw Rs 500 Note Or Bring Rs 1,000 Note; All You Need To Know

News 18  

Reserve Bank of India’s Governor Shaktikanta Das on June 8 made it clear that RBI is not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this. While announcing the decisions of the Monetary Policy Committee on Thursday, Das also informed that about 50% of Rs …

RBI Monetary policy: GDP growth estimate for FY24 maintained at 6.50%
1 year, 9 months ago

RBI Monetary policy: GDP growth estimate for FY24 maintained at 6.50%

Live Mint  

In the recent data released during RBI Monetary Policy meeting, Real GDP growth projections for the financial year 2023-24 is projected at 6.5 percent with Q1 projections being 8 percent, Q2 projections being 6.5 percent, Q3 projections being 6 percent and Q4 projections being 5.7 percent. On the demand side, Real GDP for financial year 2022 -23 recorded 7.2 percent …

Currency In Circulation Rises In Value, Volume In FY23, Says RBI's Annual Report
1 year, 10 months ago

Currency In Circulation Rises In Value, Volume In FY23, Says RBI's Annual Report

ABP News  

The Reserve Bank of India's annual report said that the value and volume of currency in circulation rose by 7.8 per cent and 4.4 per cent, respectively, during the financial year 2022-23 as compared with 9.9 per cent and 5.0 per cent, respectively, during 2021-22. The circulation of Rs 2,000 banknotes showed a total value of Rs 3.62 lakh crore, …

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms
1 year, 10 months ago

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms

The Hindu  

The Reserve Bank on May 30 said that India’s growth momentum is likely to continue in 2023-24 even as it made a case for pushing structural reforms to deal with the geopolitical developments and also to achieve sustained growth in the medium-term. The Reserve Bank’s annual report flagged slowing global growth, protracted geopolitical tensions and a possible upsurge in financial …

Slow withdrawal: on the RBI and the ₹2,000 note
1 year, 10 months ago

Slow withdrawal: on the RBI and the ₹2,000 note

The Hindu  

The Reserve Bank of India’s May 19 announcement that ₹2,000 banknotes would be withdrawn from circulation, coming just over seven-and-a-half years since the economically deleterious demonetisation of ₹500 and ₹1,000 notes, has triggered a sense of déjà vu. While Prime Minister Narendra Modi’s decision in November 2016, to abruptly and completely rescind the legal tender status of the then available …

₹2000 note withdrawal could make people buy gold, real estate: Report
1 year, 10 months ago

₹2000 note withdrawal could make people buy gold, real estate: Report

Hindustan Times  

India withdrawing its highest value currency notes from circulation may push some consumers to buy precious metals and real estate, giving a temporary boost to Asia’s third-largest economy. “But overall if we look at the macro environment, it is more likely to be driven by fundamental factors.” The Reserve Bank of India late on Friday gave citizens until Sept. 30 …

Rs 2,000 note will continue to be legal tender, no reason to rush to banks: RBI
1 year, 10 months ago

Rs 2,000 note will continue to be legal tender, no reason to rush to banks: RBI

India TV News  

Shaktikanta Das, governor of the Reserve Bank of India, said on Monday that no one should rush to return or exchange their 2,000 rupee notes, a day before people start approaching banks to give up the high-value notes. The chief of the RBI added, "Rs 2000 bank notes were introduced primarily to replenish the notes withdrawn following demonstration." The governor …

Purpose Of Printing Rs 2,000 Currency Notes Has Been Fulfilled: RBI Governor Shaktikanta Das
1 year, 10 months ago

Purpose Of Printing Rs 2,000 Currency Notes Has Been Fulfilled: RBI Governor Shaktikanta Das

ABP News  

Reserve Bank of India Governor Shaktikanta Das on Monday said that the purpose of printing Rs 2,000 notes has been fulfilled. "We expect most of Rs 2,000 banknotes to come back to exchequer by September 30 as the withdrawal of Rs 2,000 banknotes is a part of the currency management," the governor said. We have more than adequate quantity of …

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban
1 year, 10 months ago

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban

The Hindu  

Published : May 20, 2023 20:21 IST - 1 MIN READ The Reserve Bank of India made a significant announcement on May 19 regarding the withdrawal of the highest denomination currency note in circulation, the Rs 2,000 note. While reaffirming its status as legal tender, the central bank stated that existing Rs 2,000 notes could be deposited or exchanged in …

India announces surprise withdrawal of highest-value banknotes
1 year, 10 months ago

India announces surprise withdrawal of highest-value banknotes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India is withdrawing its highest …

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal
1 year, 10 months ago

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal

India TV News  

2,000 notes withdrawal: A day after the withdrawal of Rs 2,000 currency notes from circulation, former NITI Aayog Vice Chairman Arvind Panagariya said the RBI's decision will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. Any currency in Rs 2,000 notes …

Why RBI is withdrawing Rs 2,000 notes from circulation?
1 year, 10 months ago

Why RBI is withdrawing Rs 2,000 notes from circulation?

India TV News  

Rs 2,000 notes to be withdrawn: The Reserve Bank of India on Friday announced that it will withdraw the circulation of Rs 2,000 currency notes but said that the notes will continue to remain a legal tender. The exchange of Rs 2,000 notes into bank notes of other denominations can be made upto a limit of Rs 20,000 at a …

Rs 2,000 notes to be withdrawn from circulation. Funny reactions flood social media
1 year, 10 months ago

Rs 2,000 notes to be withdrawn from circulation. Funny reactions flood social media

India TV News  

Rs 2,000 notes to be withdrawn: The Reserve Bank of India on Friday announced that Rs 2,000 currency notes will be withdrawn from circulation, however, the existing notes that are in circulation can either be deposited in bank accounts or exchanged by September 30, 2023. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the …

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes
1 year, 10 months ago

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes

India Today  

The Opposition lashed out at the Centre and Prime Minister Narendra Modi after the Reserve Bank of India announced that it has decided to withdraw Rs 2,000 notes from circulation and asked people to exchange their notes by September 30. 2,000 rupee notes introduced with such fanfare after that singularly disastrous Tughlaqi firman of Nov 8 2016 are now being …

Demonetisation has come full circle: P Chidambaram as Rs 2,000 notes withdrawn
1 year, 10 months ago

Demonetisation has come full circle: P Chidambaram as Rs 2,000 notes withdrawn

India Today  

Reacting to the RBI withdrawing the Rs 2,000 currency notes from circulation, former Finance Minister P Chidambaram on Friday said the demonitisation of 2016 has come a full circle as he predicted that Rs 1,000 notes may soon come back. We said this in November 2016 and we have been proved correct The Rs 2000 note was a band-aid toâ€æ …

Rs 2,000 notes withdrawn from circulation: The full story
2 years, 11 months ago

Rs 2,000 notes withdrawn from circulation: The full story

The Hindu  

W hen was the last time you held a pink currency note of Rs.2000 in your hand? According to Roy, as per the RBI’s annual report, the supply of Rs.2000 notes from the three currency presses—Bhartiya Reserve Bank Note Mudran Private Limited Bangalore, Nashik Currency Note Press and Bank Note Press Devas—is different from the circulation figures shown in the …

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur
5 years ago

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur

ABP News  

New Delhi: Amid speculation that Centre may be veering around to discontinue high-value notes from circulation, Minister of State for Finance Anurag Thakur has said that the government has no plan to withdraw Rs 2,000 notes and these are being dispensed through many bank ATMs. In a written reply in Lok Sabha, the Minister said that in view of the …

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19
5 years, 7 months ago

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19

Firstpost  

Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 percent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank said in its annual report for 2019 Mumbai: Despite the many an effort to shift to digital payments and usher …

Government hints at stopping Rs 2000 note printing as of now, sufficient notes in circulation
6 years, 2 months ago

Government hints at stopping Rs 2000 note printing as of now, sufficient notes in circulation

Op India  

The government on Friday indicated that the production of Rs 2,000 notes which came into existence post demonetisation in November 2016, would be halted for the time being as there was sufficient currency in circulation. Economic affairs secretary Subhash Chandra Garg, amidst speculations claiming that the central government plans to phase out the Rs 2000 note, came out with a …

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion
6 years, 2 months ago

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion

Firstpost  

The Rs 2,000 banknote is likely to be phased out from the circulation gradually The Reserve Bank of India has reportedly stopped printing Rs 2,000 currency notes as the government suspects the high denomination banknote was “being used for hoarding, tax evasion and money laundering,” a media report said. In December 2018, banker Uday Kotak had said that the outcome …

ATM cash withdrawals rose sharply in Oct-Mar period: SBI
6 years, 11 months ago

ATM cash withdrawals rose sharply in Oct-Mar period: SBI

Live Mint  

Mumbai: More than a year after remonetization, demand for cash has sharply gone up as seen in a spike in cash withdrawals from ATMs, resulting in cash crunch across some states, the State Bank of India said in a research report on Wednesday. The report, citing data from the Reserve Bank of India, showed that ATM cash withdrawals increased by …

Cash crunch due to less income velocity, more withdrawals: SBI
6 years, 11 months ago

Cash crunch due to less income velocity, more withdrawals: SBI

The Quint  

Mumbai, April 18 Describing recent reports of cash shortage in the country as "logic defying", state-run State Bank of India on Wednesday said the possible reasons could be the declining income velocity of currency with the public in 2017-18 coupled with increased ATM withdrawals during the second half of last fiscal. An SBI Ecowrap report authored by Chief Economist Soumya …

RBI may be holding back or stopped printing Rs 2,000 notes, says SBI report
7 years, 3 months ago

RBI may be holding back or stopped printing Rs 2,000 notes, says SBI report

India TV News  

The Reserve Bank of India may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency, says a SBI Research report. Juxtaposing the data presented in the Lok Sabha recently with the one provided by RBI in its Annual Report earlier, the SBI Ecoflash report said today, "we observe" that the value of small denomination …

RBI stops printing Rs 2,000 notes, shifts focus to new Rs 200 bills
7 years, 8 months ago

RBI stops printing Rs 2,000 notes, shifts focus to new Rs 200 bills

India TV News  

The shortage of Rs 2,000 bills in circulation may continue for some more time with the Reserve Bank of India having completely stopped printing the pink currency that was introduced in the wake of the government’s demonetization decision in November last year. According to a Mint report citing people privy to the development, the RBI stopped printing Rs 2,000 notes …

Impact of note ban seen in Q4 data
7 years, 10 months ago

Impact of note ban seen in Q4 data

Deccan Chronicle  

New Delhi: The economy hit a bump in 2016-2017 seeing slowest growth in three years at 7.1 per cent as the country took controversial decision to demonetise Rs 500 and Rs 1000 notes to tackle the problem of black money. The GDP growth in January to March 2017 —quarter immediate after demonetisation announced on November 8 — fell to 6.1 …

No proposal to withdraw new Rs 2,000 notes: Finance Minister Arun Jaitley
8 years ago

No proposal to withdraw new Rs 2,000 notes: Finance Minister Arun Jaitley

Firstpost  

The Rs 2,000 banknotes were introduced along with new Rs 500 currency following the withdrawal of old Rs 500 and Rs 1,000 notes from 9 November, 2016. New Delhi: Finance Minister Arun Jaitley today said there is no proposal to withdraw the Rs 2,000 notes that were introduced post demonetisation. “There is no proposal to withdraw the Rs 2,000 denomination …

Demonetisation: Jaitley claims enough cash in system, but discrepancies emerge in RBI, govt numbers
8 years, 3 months ago

Demonetisation: Jaitley claims enough cash in system, but discrepancies emerge in RBI, govt numbers

Firstpost  

These discrepancies suggest either the parliament has been misled, or RBI claims about the supply of Rs 2000, Rs 500 notes post demonetisation are flawed. However, according to a written reply to a question in the Rajya Sabha, the Minister of State for Finance, Arjun Ram Meghwal, categorically stated that, by 29 November, a total of 1,608 million pieces of …

Hit by Cash Crunch? April 2017 Is the Earliest Your Woes Will End
8 years, 3 months ago

Hit by Cash Crunch? April 2017 Is the Earliest Your Woes Will End

The Quint  

Before the announcement of demonetisation, the government had already arranged for the printing of 200 crore Rs 2,000 notes, or roughly about Rs 4 lakh crore in value. Let’s explore the time to disburse in the two scenarios we mentioned: Scenario 1: Rs 9 lakh crore needs to be returned to the system. For this amount to be liquid, a …

Demonetisation: Why PM Modi’s big task now is finding a way out of the economic mess
8 years, 3 months ago

Demonetisation: Why PM Modi’s big task now is finding a way out of the economic mess

Firstpost  

Demonetisation would have been a clean-hit for Modi had he executed it with enough preparation. But, the hurried, poorly-thought out action has backfired badly on the economy and the pain is likely to outweigh the likely long-term gains of curbing black money, counterfeit notes and corruption Even his supporters would agree, Prime Minister Narendra Modi’s monumental task, at this stage, …

India may go cashless in a year, Rs 500, Rs 2k notes to be redundant: experts
8 years, 4 months ago

India may go cashless in a year, Rs 500, Rs 2k notes to be redundant: experts

Deccan Chronicle  

Mumbai: Arthakranti Pratishthan, a think-tank, which appears to be the brain behind the Modi government’s demonetisation scheme is of the opinion that within six months to one year India will be all set to go “cashless” at which point Rs 2,000 and Rs 500 notes could also be withdrawn. The Organiser interview quoted another senior member of the think-tank Anil …

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