'Till now 87% of all Rs 2,000 notes are back', says RBI Governor Shaktikanta Das
RBI Governor Shaktikanta Das said that Overall there is a surplus in liquidity due to the withdrawal of Rs 2,000 bank notes
Reserve Bank of India (RBI) Governor Shaktikanta Das. PTI
The Reserve Bank of India (RBI) Thursday said 87 per cent of its highest-denomination banknote has been withdrawn so far, potentially adding to a liquidity surplus.
“Overall there is a surplus in liquidity due to the withdrawal of Rs 2,000 bank notes. Till now 87 per cent of all Rs 2,000 notes are back,” said RBI Governor Shaktikanta Das.
#WATCH | RBI Governor Shaktikanta Das says “Overall there is a surplus in liquidity due to the withdrawal of Rs 2000 bank notes. Till now 87% of all Rs 2000 notes are back” pic.twitter.com/5tknFTy1XN
— ANI (@ANI) August 10, 2023
Addressing the media on Thursday after monetary policy committee (MPC) meet, Das said the withdrawal of Rs 2,000 note is a ‘temporary measure’.
He further said there will be ‘adequate liquidity’ in the system once the withdrawal is completed.
On 19 May this year, the RBI had decided to withdraw Rs 2,000 denomination banknotes from circulation and said all the notes must be exchanged before 30 September, 2023.
The RBI had said the Rs 2,000 notes had been introduced in November 2016 to meet currency requirements following the withdrawal of legal tender of the Rs 500 and Rs 1,000 notes at that time.
With that objective having been met once adequate stock of notes of other denominations were made available, printing of Rs 2,000 notes was stopped in 2018-19, RBI had said.
With the RBI having observed that the Rs 2,000 notes were not widely used for transactions, the central bank decided to withdraw the bills from circulation.
With inputs from agencies