Majority of Rs 2,000 Currency Notes Returned Within 30 Days of Release, Reveals Das
RBI Recalls Rs 2,000 Notes: Two-Thirds Returned within a Month
The Governor of the Reserve Bank of India, Shaktikanta Das, announced that within one month of the recall order, over two-thirds of the Rs 2,000 currency notes have been returned to the banking system. The recall was part of the clean note policy, and the RBI had ordered the withdrawal of Rs 2,000 banknotes worth around Rs 3.62 lakh crore on May 19. As of mid-last week, approximately Rs 2.41 lakh crore worth of the recalled banknotes had been accounted for, out of the total Rs 3.62 lakh crore in circulation as of March 31, 2023.
Majority of Recalled Rs 2,000 Notes Return to System within One Month
Following the Reserve Bank of India’s surprise decision to recall Rs 2,000 banknotes as part of its clean note policy, Governor Shaktikanta Das disclosed that more than two-thirds of the recalled currency had been returned to the banking system within a month. The recall order, issued on May 19, resulted in the withdrawal of Rs 2,000 notes amounting to approximately Rs 3.62 lakh crore. As of mid-last week, around Rs 2.41 lakh crore worth of the recalled notes had been accounted for. Governor Das assured the public that there was no need to rush and exchange their notes before the September 30 deadline.
RBI’s Recall of Rs 2,000 Notes: Significant Return Rate Observed Within One Month
Reserve Bank Governor, Shaktikanta Das, revealed that within just a month of the recall order, an impressive majority of the Rs 2,000 currency notes have made their way back into the system. The surprise decision to withdraw the Rs 2,000 banknotes, valued at approximately Rs 3.62 lakh crore, was implemented on May 19 as part of the clean note policy. Governor Das shared that as of mid-last week, an amount totaling Rs 2.41 lakh crore had already been returned, accounting for over two-thirds of the total value of the recalled notes. This signifies a swift and successful retrieval process.
Swift Response: Over Two-Thirds of Recalled Rs 2,000 Notes Returned in One Month
The recent recall of Rs 2,000 banknotes by the Reserve Bank of India has yielded impressive results, with a significant portion of the notes returning to the system within a mere month. Governor Shaktikanta Das expressed satisfaction as more than two-thirds of the recalled currency, equivalent to Rs 2.41 lakh crore, were accounted for as of mid-last week. The recall, which aimed to ensure clean currency circulation, had been ordered on May 19, encompassing approximately Rs 3.62 lakh crore worth of Rs 2,000 notes. This prompt response from the public highlights the efficiency of the recall process.