Tuesday, September 26, 2023

RBI Governor Says No Plan To Withdraw 500 Rupee Note Or Launch 1000 Rupee…

RBI MPC Meeting Update: On May 19, 2023, suddenly the RBI announced that the currency note of Rs 2,000 would be withdrawn. From May 23 to September 30, 2023, people have been given four months’ time to deposit or exchange currency notes of Rs 2,000 in banks. There were speculations about withdrawing the Rs 2,000 note from the past several months. In Parliament too, the government was asked a question regarding this. RBI has now withdrawn the currency note of Rs 2,000. But now there is continuous speculation in the market to withdraw the Rs 500 note as well. In such a situation, the question arises whether RBI will withdraw the Rs 500 note as well? On which RBI Governor Shaktikanta Das has put an end to the speculation while presenting clarification.

Will Rs 500 currency notes also be returned?

After the announcement of the decision of RBI’s Monetary Policy Committee, the question was asked to the RBI Governor in the press conference whether the Rs 1,000 note can be launched back again? Can Rs 500 note be withdrawn? In response to this question, the RBI governor said that I do not have any information about it. But he also said that there is no such idea. He has appealed to the common people not to speculate about this. He again reiterated that neither he is aware of it nor such options are being considered.

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New notes of 2000 and 500 rupees came after demonetisation

On 8 May 2016, Prime Minister Narendra Modi announced demonetisation by withdrawing the old Rs 500 and Rs 1,000 notes. After that, in order to rapidly infuse cash into the banking system, the RBI had introduced new notes of Rs 2,000 and new Rs 500 into the banking system. The printing of Rs 2000 notes had stopped since 2018 itself. But on May 19, the RBI took the decision to withdraw the currency note of Rs 2000, which was being speculated for a long time.

50 percent of 2000 rupee notes came back

The RBI governor has said that till March 31, 2023, Rs 2000 notes worth Rs 3.62 lakh crore were in circulation in the banking system. But in just 16 days, Rs 1.80 lakh crore i.e. around 50 per cent of Rs 2000 notes have returned to the banking system. The RBI governor said that as expected, 85 percent of Rs 2,000 notes are being deposited directly into bank accounts. He said that there is no rush or panic to deposit Rs 2000 notes in banks. He said that people have four months time and they can comfortably go to the bank to deposit or exchange notes.

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RBI News: 50% of Rs 2000 notes back in banking system in 16 days, governor rules out possibility of bringing Rs 1,000 notes

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