80% Indians Are Depositing Rs 2,000 Notes, Not Exchanging Them: Report
NDTV
In May, the Reserve Bank of India (RBI) said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until September 30.
About three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said.
In May, the Reserve Bank of India (RBI) said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until Sept. 30.
Exchange is only permitted up to 20,000 rupees per turn, while there is no limit on depositing the notes, which also earns interest.
When announced, the value of these notes in circulation was 3.6 trillion rupees, the RBI said.
