RBI says 98.18% of ₹2,000 notes returned to banking system
In a recent development, the Reserve Bank of India (RBI) has revealed that a significant percentage of the ₹2,000 banknotes have been returned to the banking system. The information was shared by the RBI on Saturday, providing an update on the status of these notes that were withdrawn from circulation earlier this year.
As per the RBI’s announcement, a whopping 98.18% of the ₹2,000 banknotes have been returned to the banking system, indicating a significant recovery of these notes. However, the RBI also noted that ₹6,471 crore worth of these notes are still with the public, indicating that a sizeable portion of these notes have not been returned to the banking system.
The withdrawal of ₹2,000 denomination banknotes from circulation was announced by the RBI on May 19, 2023, as part of a broader effort to demonetize high-value currency notes and curb the use of black money in the economy. The move was aimed at reducing the use of cash transactions and promoting digital payments, among other objectives.
The withdrawal of the ₹2,000 notes was a significant step in the RBI’s efforts to clean up the country’s banking system and reduce the use of black money. The move was also seen as a means of curbing the use of cash in illegal activities, such as terrorism financing and money laundering.
The RBI’s decision to withdraw the ₹2,000 notes was also seen as a response to the growing concerns over the use of cash in the economy. With the rise of digital payments and online transactions, the use of cash has been declining in recent years. The withdrawal of the high-value currency notes was seen as a means of accelerating this trend and promoting a cashless economy.
The RBI’s announcement that 98.18% of the ₹2,000 banknotes have been returned to the banking system is a significant development in this regard. The fact that a large percentage of these notes have been returned suggests that the RBI’s efforts to withdraw these notes from circulation have been successful.
However, the fact that ₹6,471 crore worth of these notes are still with the public suggests that there is still some way to go in terms of recovering these notes. The RBI is likely to continue its efforts to encourage the public to return these notes to the banking system, and it is possible that the RBI may consider implementing additional measures to achieve this goal.
In conclusion, the RBI’s announcement that 98.18% of the ₹2,000 banknotes have been returned to the banking system is a significant development in the country’s efforts to clean up the banking system and promote a cashless economy. While there is still some way to go in terms of recovering these notes, the fact that a large percentage of these notes have been returned suggests that the RBI’s efforts are yielding positive results.
Source:
https://www.siasat.com/rbi-says-98-18-pc-of-rs-2000-notes-returned-3187985/
