Half of withdrawn ₹2,000 bank notes return to banks, mostly as deposits: RBI governor
The HinduIn the 17 days since the Reserve Bank of India announced the withdrawal of ₹2,000 notes on May 23, about half of those notes in circulation have come back to the banking system, RBI governor Shaktikanta Das said on Thursday. “So far as ₹2,000 banknotes are concerned, we had said that as on March 31, there were ₹3.62 lakh crore worth ₹2,000 notes in circulation. After the announcement was made, so far about ₹1.8 lakh crore worth ₹2,000 notes have come back,” he said, in response to a query at the post-monetary policy press conference. ‘Avoid last minute rush’ Asked how much of the money had come with a request to exchange it for lower denomination notes and how much had come as deposits into bank accounts, Mr. Das said, “That figure needs a lot of reconciliation, because we find that there is some amount of overlap in reporting.