Delhi/Hyderabad, Aug 18 (Maxim News) Only 1,69 per cent of the Rs. 2,000 banknotes were yet to be returned to the Reserve Bank of India (RBI) from circulation (as on july 31), the parliament was informed on Monday.
As per the Reserve Bank of India (RBI), the total value of Rs. 2,000 banknotes in circulation, which was Rs. 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs. 6,017 crore as on July 31.
Before undertaking the exercise of withdrawal of Rs. 2,000 banknotes, it was ensured that sufficient buffer stock of cash was available with banks across the country to meet the exchange withdrawal requirements.
The same was augmented through regular supply of cash to various banks located across the country, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to a question in Lok Sabha.
“In view of the above, and in pursuance of the ‘clean Note Policy’ of the Reserve Bank of India, it was decided to withdraw the Rs. 2,000 denomination banknotes from circulation on may 19, 2023, he added. (Maxim News)
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