RBI says 93% of ₹2,000 notes returned since May; last date September 30 | Oneindia News
On Friday, the Reserve Bank of India (RBI) said that the total value of ₹2,000 banknotes that had been returned stood at ₹3.32 lakh crore as of August 31, 2023. With this, the total value of ₹2,000 notes in circulation now stands at ₹0.24 lakh crore.
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#RBI #2000Notes #2000Banknotes #₹2000Notes #₹2000Banknotes
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00:00 On Friday, the Reserve Bank of India, or RBI, said that the total value of Rs 2,000 banknotes
00:15 that had been returned stood at Rs 3.32 lakh crore as of August 31, 2023.
00:23 The RBI said that according to the data received from the banks, the total value of Rs 2,000
00:29 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31.
00:36 With this, the total value of Rs 2,000 banknotes in circulation now stands at Rs 0.24 lakh
00:43 crore.
00:45 The Central Bank further informed that consequently, Rs 2,000 banknotes in circulation at the close
00:51 of business on August 31, 2023 stood at Rs 0.24 lakh crore.
00:57 Thus, it said that 93% of the Rs 2,000 banknotes in circulation as of May 19, 2023 have since
01:05 been returned.
01:06 The Central Bank said that the information gathered from major banks suggested that approximately
01:11 87% of the total Rs 2,000 banknotes returned from circulation are in the form of deposits,
01:18 with the remaining 13% having been exchanged for banknotes of other denominations.
01:25 The RBI added that members of the public are requested to utilise the remaining period
01:31 until September 30, 2023 to deposit or exchange the Rs 2,000 banknotes held with them.
01:38 It should be noted that the RBI had declared the withdrawal of these high-value notes in
01:43 May, permitting exchange or deposit until September 30.
01:48 The decision to discontinue the circulation of Rs 2,000 denomination banknotes was made
01:53 in accordance with the RBI's clean note policy.
01:57 A few months ago, a study published by the State Bank of India said that the removal
02:01 of Rs 2,000 notes from circulation will have positive implications for the country's banking
02:07 system.
02:08 It added that the move will boost bank deposits and repayment of loans and have an overall
02:15 positive impact on consumption and the Reserve Bank of India's retail central bank digital
02:20 currency or CBDC.
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