9 June 2023, Bengaluru, India
Governor Shaktikanta Das made a clarification amidst public confusion on the sensitive matter of the government scrapping the ₹500 denominations. Das clarified that there is no need to panic or get excited at any news without confirmation from the government. He said in a statement that RBI will not roll out ₹1000 notes and will not scrap off the ₹500 note either.
After the government’s sudden decision to discontinue the pink ₹2000 denomination notes, people were left surprised and shocked. It left many people to wonder if the second-largest denomination notes will be in play or not. Das requested the public to not speculate on any scenario, including the disappearance of the ₹500 and the re-appearance of a ₹1000 note. Das has asked the people to remain calm and not get confused by the rumors circulating on social media.
The ₹2000 denomination notes getting disbanded took the public by shock, and it was a genuine concern regarding the currency India has. After the recent currency teardown, the people of India are left with only ₹500 denomination notes as the biggest amount. Though the discontinued pink notes were not mostly used by the general public, it was still a vital content of India’s currency.
The government gave reasons that led to the decision to discontinue the pink note saying that these currency notes are not active and it made sense because people dealing with huge numbers might need it. Referring to basic amenities and needs, it is very unusual for someone deals with a ₹2000 note.
The Reserve Bank of India’s governor made this clarification after the withdrawal of pink-colored notes from circulation. Ever since the news of withdrawal came out, people have been keen on using it, returning it to the bank in exchange for other denominations of the same amount or depositing it in respective bank accounts. The government has given time till the end of September this year to make the transactions. It was recently reported that since the day of the announcement, the government has received almost half the amount of ₹2000 denomination notes in circulation. Out of the ₹3.62 lakh crores value of the total ₹2000 denomination notes in circulation, 50% has been recovered, which values around ₹1.8 lakh crores.
RBI governor Shaktikant Das released a statement related to the amount of money recovered.
RBI governor Shaktikant Das said, “Total Rs 3.62 lakh crore of Rs 2,000 banknotes were in circulation. After the announcement, about Rs 1.8 lakh crores of Rs 2,000 banknotes have come back. This is roughly about 50 percent of the Rs 2,000 banknotes, which were in circulation.”
Further details about the recovered notes are that out of the 50% recovered denominations, 85% are bank deposits, and the rest are through exchanges. While the date to exchange or deposit is September 30th, people are advised to do the deposits and exchange as soon as possible and not wait till the extreme seconds.
Source – India Today
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