Indian Currency: It is known that the Reserve Bank of India (RBI) announced last month that it is stopping the circulation of Rs.2,000 currency notes. Now RBI has given clarity on Rs.500 and Rs.1,000 notes.
RBI has stopped the circulation of Rs 2,000 currency notes. It has given a chance to exchange these currency notes till September 30. Rs.2,000 notes can be exchanged in the bank at that time. Or deposit. Until then Rs 2,000 currency notes will continue to be legal tender.
But with RBI canceling Rs.2,000 currency notes, there are some rumors about Rs.500 notes. There are rumors that RBI will also cancel Rs.500 currency notes. But RBI Governor Shaktikanta Das said that there is no plan to cancel Rs.500 notes. The governor made these comments after the RBI monetary policy review meeting.
There is another campaign going on among the people. Another campaign is going on that RBI will bring back Rs.1,000 currency notes after canceling Rs.2,000 notes. It is known that Rs 500 and Rs 1,000 notes were canceled in 2016. After that RBI introduced new Rs.500 note and Rs.2,000 notes.
RBI also condemned the campaign on Rs.1,000 notes. RBI Governor said that there is no plan to bring Rs.1,000 notes. When it comes to Rs.2,000 notes, RBI Governor Shaktikanta Das said that 50 percent of the Rs.2,000 notes in circulation have been withdrawn.
Shaktikanta Das said that a total of Rs.3.62 lakh crores of Rs.2000 notes are in circulation and after the announcement of stopping circulation, about Rs.1.82 lakh crores of Rs.2000 notes have been withdrawn, which is about 50 percent of the total Rs.2,000 notes in circulation.
Shaktikanta Das explained that 85 percent of the returned Rs.2,000 currency notes came through bank deposits, while the remaining 15 percent came in the form of exchange. According to RBI’s calculations, Rs.2,000 currency notes worth Rs.1.8 lakh crore are still in circulation.
Holders of Rs.2,000 currency notes have till September 30 to deposit or exchange in the bank. There is no limit for depositors. It is enough if the account KYC is completed. But there is a limit of Rs.20,000 for exchange.
