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. The amount of Rs 2,000 notes worth approximately £18 billion that have been returned accounts for over 50% of the currency in circulation as of March 31, according to Das.
While the governor did not provide an exact breakdown of how many notes were exchanged, he estimated that roughly 85% of the returned notes were deposited. “This is more or less in line with our expectations,” said Das.
Das responded to questions regarding the specifics of note exchange and deposit figures by saying that there was some reporting overlap, which made it difficult to reconcile the data. Das emphasised that there was plenty of time and asked the public not to rush to banks for note exchange or deposits.
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.
Regarding speculation about the withdrawal of other denomination notes or the reintroduction of Rs 1,000 note, Das clarified that he was not aware of any such plans, nor was there any consideration within the RBI.