‘No longer preferred’: MoS Finance on why ₹2,000 notes were withdrawn
The value of ₹2000 banknotes in circulation is ₹0.84 lakh cr, and percentage of ₹2,000 in total banknotes in circulation is 2.51%, says the minister
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Over two-thirds of ₹2,000 notes back in a month of withdrawal: Shaktikanta Das
RBI Governor says of total value of ₹3.62 lakh cr, ₹2,000 banknotes worth ₹2.62 lakh crore have already been exchanged or deposited in banks
Currency in circulation rises 7.8% to ₹33.48 lakh cr in FY23
₹500 and ₹2000 notes together accounted for 87.9% of the total value of banknotes in circulation as on March 31, 2023.
₹2,000 note withdrawal ‘non-event’; favourable impact on liquidity: SBI
Impact on deposits will be limited; almost the entire amount of ₹3.6 lakh will come back to the banking system, says a report
₹2,000 note withdrawal to enhance liquidity, support deposit growth
Experts say the withdrawal of ₹2,000 notes is likely to slow currency leakage temporarily
₹2,000 notes withdrawal: RBI asks banks to provide facility to customers, maintain data
RBI asks banks to work in usual manner, provide appropriate infra like shaded waiting space, drinking water facilities to customers
₹2,000 note can be exchanged for other notes up to ₹20,000 at a time: RBI
The banknotes in ₹2,000 denomination will continue to be legal tender, says RBI
Currency in circulation rises to ₹31.33 lakh cr from ₹13 lakh cr in 2014: Govt
The increase in currency was seen despite the Modi govt’s demonetisation drive in 2016, which was implemented to reduce the amount of relative cash in circulation in the country.
Budget 2023: Currency with public grew least in FY22
Currency with the public has risen by around ₹1.4 lakh crore since demonetisation
Demonetisation: Cash Is Not King
Expansion of absolute cash in circulation has to be seen holistically with growth in GDP and uptick in digital transactions.
