Rs 2,000 notes worth Rs 1.80 lakh cr have been returned to banks so far: RBI Governor

Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday said that about 50 percent of Rs 2,000 notes in circulation have come back in the banking system since the RBI announced the withdrawal of the highest denomination currency last month. As on March 31, he said, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation. "So far, Rs 1.80 lakh crore have come back after the announcement," he said during an interaction with media after releasing the bi-monthly monetary policy

About 85% of Rs 2,000 notes are coming as deposits in bank accounts

About 85 percent of Rs 2,000 notes are coming as deposits in bank accounts and this is in line with expectation, he said. On May 19, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up to Rs 20,000 in one go) from May 23 onwards. The exchange or deposit window is available till September 30.

Governor also urged public not to panic for exchange or deposit of Rs 2,000 notes

The governor also urged the public not to panic for exchange or deposit of Rs 2,000 notes but should avoid last minute rush. He also made it clear that RBI is not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this. Last month, the RBI governor had said the majority of the withdrawn Rs 2,000 currency notes are expected to be returned to the banking system by the September 30.

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