Around 50 per cent or Rs 1.8 trillion of the Rs 3.62 trillion worth Rs 2,000 notes have returned to the banks, of which 85 per cent are deposits, Reserve Bank of India Governor Shaktikanta Das said on Thursday.
Last month, the central bank decided to withdraw the Rs 2,000 notes citing clean note policy and lack of use. The withdrawal process, which began on May 23, will continue till September 30. The Rs 2,000 bank note, which was introduced during the demonetisation exercise of 2016, continues to be a legal tender.
“As far as Rs 2,000 bank notes are concerned, you would recall that we had said as on March 31, totally Rs 3.62 trillion worth Rs 2,000 notes were in circulation. After the announcement that we made, totally so far around Rs 1.8 trillion of Rs 2,000 notes have come back. This is roughly about 50 per cent of the Rs 2,000 notes, which were in circulation on March 31,” Das said.
There were 1.81 billion pieces of Rs 2,000 bank notes in circulation as on March 31, comprising 1.3 per cent in total circulation in volume terms.
“Broadly on a provisional basis, I can say that about 85 per cent of the Rs 2,000 notes are coming back as deposits into bank accounts. This is in line with our expectations and the good thing is that there has not been any rush in any of the banks,” he said.
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The RBI had stopped printing Rs 2,000 notes in 2018-19. The total value of these banknotes in circulation has declined from Rs 6.73 trillion at its peak as on March 31, 2018, (37.3 per cent of notes in circulation) to Rs 3.62 trillion, constituting only 10.8 per cent of notes in circulation as on March 31.
Das said those who have the Rs 2,000 note should not wait till the last day to return those.
“I would appeal to everyone not to go to the bank in a panic. One more request, generally the habit is that we do things at the last moment. So, please avoid last-minute rush in the last 10-15 days of September,” he said.