Reserve Bank of India (RBI) governor Shaktikanta Das has said that around 72 per cent of Rs 2,000 banknotes have been deposited or exchanged in banks. As per Das, Rs 2,000 banknotes valuing Rs 2.62 lakh crore have been deposited or exchanged in banks so far. He added that the total value of Rs 2,000 notes was Rs 3.62 lakh crore as of March 31.
The RBI boss further explained that the Rs 2,000 banknote recall will have no bearing on the monetary stability. He further said that of the total money that has come back in the system, 85 per cent is in deposits and the rest is in currency exchanges.
Das told PTI Bhasha in an interview: “One thing I can clearly tell you that the Rs 2,000 note that we are withdrawing right now will not have any negative impact on the economy”.
He, however, refused to comment on an analyst report which claimed the move to recall Rs 2,000 notes would cause higher consumer spending. The report further added this would help the economy grow over the projected 6.5 per cent.
The RBI and the government projected GDP growth for this fiscal at 6.5 per cent and 8.1 per cent for Q1. The RBI ordered a recall of the Rs 2,000 banknotes on May 19 and asked banks to open counters to collect notes from the public on May 23. The deadline to exchange or deposit these notes is till September 30.
The central bank said at the time that the existing Rs 2,000 denomination notes will continue to be legal tender. Das had later said he was not sure whether he would ask the government to cancel the legal tender status of these notes post the September 30.
The Rs 2,000 banknotes were introduced in November 2016 (under Section 24(1) of The RBI Act, 1934) within days of the November 8 demonetisation wherein the government had withdrawn the legal tender status of all the 500 and 1000 banknotes to meet the currency requirements in an expeditious manner.
(With agency inputs)
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