₹1.8 lakh crore worth of ₹2,000 notes returned so far

after RBI’s On 19 May, the ₹ 2,000 denomination currency had been withdrawn and notes worth around ₹ 1.8 crore had been returned to the banking system.

The central bank said that a total of ₹3.62 crore worth of 2,000 rupees was in circulation as of March 31.

“So far, about 1.8 crore rupees of 2,000 rupee notes have returned. This represents about 50 per cent of the 2,000 rupee notes that were in circulation on March 31,” said Governor Shaktikanta Das.

He added, “On a provisional basis, I can say that about 85 per cent of the Rs 2,000 notes are returning as deposits in bank accounts.”

Also read: Taking out the $2,000 bill will improve liquidity and lower interest rates in the short term: Analysts

However, the RBI did not specify the exact amount received as bank deposits, with Das saying that the figure needed “a good deal of smoothing out” as there was some overlap in the reports and the central bank wanted to avoid any possibility of double counting.

“This is in line with our expectations, and the good thing is that there was no rush in any of the banks.”

Also read: Who transferred my note of Rs 2,000?

Governor Das appealed to the public not to rush and go to the banks in a panic, at the same time urging customers to avoid a last minute rush in the last 10-15 days of September. The deadline for the currency exchange is Sept. 30, but Das said there was a no-brainer to make the currency illegal after that.

Asked about the issue of banknotes currently being held by Indians or overseas Indians, Das said that the Reserve Bank of India (RBI) is aware that there may be problems at the individual or group level and is sensitive to all representations that are being made.

We will examine them and do whatever is required, but it is our endeavor to see that no one is disturbed. “We want to see the whole process run very smoothly,” he said.