Most of the people are coming to deposit these notes as around 85%of such notes have come back as deposits, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday.
Banks began to accept ₹2,000 notes for deposits and exchange from May 23 after the central bank on May 19 announced the withdrawal of the highest denomination notes. As of March 31, ₹2,000 notes worth ₹3.62 lakh crore were in circulation.
“After the announcement we made, so far about ₹1.8 lakh crore of ₹2,000 notes have come back. This is roughly about 50% of the ₹2,000 notes which were in circulation on 31 March,” said the governor during an interaction with media after releasing the bi-monthly monetary policy.
This story is from the June 09, 2023 edition of The Morning Standard.
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This story is from the June 09, 2023 edition of The Morning Standard.
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