Half of Rs. 2,000 notes deposited, exchanged so far: RBI
What's the story
Around 50% of the total Rs. 2,000 currency notes have been deposited or exchanged so far, according to the Reserve Bank of India (RBI).
This comes after the central bank allowed the public to deposit or exchange them between May 23 and September 30.
The RBI announced the withdrawal of the notes from the market on May 19.
Details
85% of Rs. 2,000 banknotes deposited into accounts: RBI
According to RBI Governor Shaktikanta Das, about 85% of the currency notes have been deposited into bank accounts instead of being exchanged for smaller denominations.
He also requested people to avoid the last-minute rush in the last 10-15 days of September.
As per the RBI, the value of Rs. 2,000 notes in circulation was Rs. 3.62 lakh crore before its announcement.
More information
RBI stopped printing Rs. 2,000 notes in 2018-19
Moreover, the RBI informed that as of March 31, 1.81 billion pieces of Rs. 2,000 banknotes were in circulation.
These comprised 1.3% of total circulation in volume terms.
The RBI, which introduced the Rs. 2,000 banknotes in November 2016, stopped printing them in 2018-19.
The notes will continue to be legal tender even after their return deadline, the RBI said.