RBI Has No Plan To Withdraw Rs 500 Note Or Bring Rs 1,000 Note; All You Need To Know

 


The governor also urged the public not to panic for exchange or deposit of Rs 2,000 notes but should avoid last minute rush.

Reserve Bank of India’s Governor Shaktikanta Das on June 8 made it clear that RBI is not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this.

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While announcing the decisions of the Monetary Policy Committee on Thursday, Das also informed that about 50% of Rs 2,000 notes in circulation has come back in the banking system since the RBI announced withdrawal of the highest denomination currency last month.

Last month, the RBI governor had said the majority of the withdrawn Rs 2,000 currency notes are expected to be returned to the banking system by the September 30 deadline.

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As on March 31, 2023, he said, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation.

“So far, Rs 1.80 lakh crore have come back after the announcement,” he said during an interaction with media after releasing the bi-monthly monetary policy.

About 85% of Rs 2,000 notes are coming as deposits in bank accounts and this is in line with expectation, he said.

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On May 19, RBI announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up to Rs 20,000 in one go) from May 23 onwards. The exchange or deposit window is available till September 30, 2023.

The governor also urged the public not to panic for exchange or deposit of Rs 2,000 notes but should avoid last minute rush.

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