Flood of 2000 notes in banks, people are not changing their deposits, what is the fear of
highlights
So far, notes worth Rs 1.80 lakh crore have been returned.
85 percent notes are being deposited in bank accounts.
While the rest of the notes are being replaced with notes of smaller denominations.
2000 Rupee Notes: The note ban in the country in the year 2016 is still in the minds of the people. In which the notes of 500 and 1000 rupees were discontinued. After which once the Reserve Bank of India (RBI) put 2000 notes out of circulation. People are continuously depositing these notes in the banks and 2000 rupee notes are coming to the banks in abundance.
RBI Governor Shaktikanta Das said on Thursday that about 50 percent of the total Rs 2,000 notes in circulation have returned to the banking system. Significantly, the central bank had announced the withdrawal of these notes last month. He said that till March 31, 2023, two thousand rupee notes worth a total of Rs 3.62 lakh crore were in circulation.
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people are not changing
The RBI governor told the media that after this announcement, notes worth Rs 1.80 lakh crore have been returned. He said that about 85 per cent of the Rs 2,000 notes are being deposited in bank accounts, while the remaining notes are being replaced with smaller denomination notes. Das had said last month that the decision to scrap Rs 2,000 notes would have a “very limited” impact on the economy. The share of 2,000 notes in the total currency in circulation is only 10.8 percent.
Why was 2000 note brought
Shaktikanta Das told that after demonetisation in 2016, Rs 2,000 note was introduced to compensate for the cash crunch. The governor had said that anyone who has a Rs 2,000 note can deposit it in his bank account or exchange it for currency of any other value. Banks have been advised to make necessary arrangements to exchange Rs 2,000 notes. He said that we hope that most of the 2,000 notes will be returned by the deadline of 30 September.
When and when the notes were taken out of circulation
This is not the first time that the government has decided to withdraw a note from circulation. In the year 1946, the Reserve Bank of India took 500, 1000 and 10,000 notes out of circulation. After this, in the year 1978, RBI took 1000, 5000 and 10,000 notes out of circulation. After this, in the year 2014, this step was taken in a different way. RBI removed the notes printed before the year 2005 from the market.
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Tags: 1000-500 notes, 2000 notes, fake notes, note ban, Old notes recovered
FIRST PUBLISHED : June 08, 2023, 15:25 IST
