RBI governor Shaktikanta Das said that the recent decision to recall Rs 2,000 denomination notes has resulted in the return of nearly half of such notes to banks.
About Rs 1.8 lakh crore worth of Rs 2000 notes have returned. Thus, accounting for nearly 50% of the currency in circulation as of March 31, Das said.
While the governor did not provide an exact breakdown of how many Rs 2000 notes exchanged. He estimated that roughly 85% of the returned notes deposited. “This is more or less in line with our expectations,” said Das.
Addressing concerns about the specifics of note exchange and deposit figures.
Das explained that reconciling the data was challenging due to some overlap in reporting.
Das urged the public to avoid rushing to banks for note exchange or deposits, emphasising that ample time was available.
He expressed satisfaction that there had been no panic-induced rush at any banks and appealed to everyone to refrain from unnecessary visits.
Das also advised individuals not to wait until the last date (September 30) for note exchange.