More than two-thirds of ₹2,000 notes returned within a month of withdrawal: Das

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the ₹2,000 currency notes have returned to the system.

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the ₹2,000 currency notes have returned to the system.

In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of ₹2,000 banknotes worth around ₹3.62 lakh crore.

On June 8, announcing the second monetary policy review of the fiscal, Mr. Das had said around ₹1.8 lakh crore worth of the ₹2,000 notes have been returned, accounting for approximately 50% of the notes in circulation as of March 31, of which 85% were in deposits and the rest in exchange.

"More than two-thirds or ₹2.41 lakh crore worth of the ₹3.62 lakh crore (as of March 31, 2023) of the now-recalled ₹2,000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week.

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Of the total money that has come back to the system, as much as 85% are in deposits and the rest in currency exchanges, he explained.

Though the Central bank has set September 30, 2023, as the last day for exchange/deposits, Mr. Das said the deadline is not something cast in stone and that, people need not rush to claim their money.