Return of 2000 rupee notes, maximum in Punjab and Delhi

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According to central bank sources, maximum withdrawal of Rs 2000 notes has been done in Punjab, Delhi and Gujarat. So far 50 percent of the pink notes have been deposited back. As on March 31, 2023, there were 18,111 lakh notes of Rs 2,000 in circulation, which is about 1.3 per cent of the total notes in circulation in volume terms. RBI had stopped printing of Rs 2,000 bank notes in 2018-19. The total value of these notes in circulation declined from a peak of Rs 6.73 lakh crore (37.3 per cent notes in circulation) on March 31, 2018 to Rs 3.62 lakh crore (only 10.8 per cent notes in circulation) on March 31, 2023. The highest number of Rs 2,000 notes have been returned in Gujarat, Punjab and New Delhi. Sources said that now around 80 per cent of the returned notes have been deposited in the accounts while the rest have been exchanged. Last month, State Bank of India Chairman Dinesh Khara had said that the bank received Rs 2,000 notes worth about Rs 17,000 crore, out of which notes worth Rs 14,000 crore have been deposited. Despite the increase in the speed of returning notes, there is no significant rush of people in the banks. During demonetisation, long queues formed at banks to exchange Rs 500 and Rs 1,000 notes. According to sources, ‘This time the amount of notes is very less. During demonetisation, 87 per cent of the notes in circulation were withdrawn. This time only 10.8 per cent of the notes in circulation have been withdrawn. RBI Governor Shaktikanta Das has said that as per the central bank’s analysis, the entire process will not see any disruption. He said there is no reason for people to rush to bank branches as they have been given four months to deposit or exchange notes. During demonetisation in 2016, Rs 2,000 notes were issued after Rs 500 and Rs 1,000 notes were demonetised with immediate effect. On May 19, the RBI had announced the withdrawal of Rs 2,000 notes from circulation as part of its clean note policy. The note withdrawal process was started on May 23, which will run till September 30, 2023. Even now the Rs 2,000 note remains in circulation.

The concern that was seen in the public about the return of Rs 2000 note in the beginning is negligible at this time. 80% of the return of Rs 2000 note has been done through bank accounts. This will also be considered an auspicious sign. 20 per cent were returned in the form of change indicating that the common man had fewer Rs 2000 notes. This pink note was increasing the pride of the safes of the rich class. The main objective of the government to withdraw the pink note was also to bring out the Rs 2000 note lying in the bank lockers of the rich class. The government is moving towards its goal. It is a matter of relief that no one had to face trouble at the local level.

– Irwin Khanna (Chief Editor, Dainik Uttam Hindu)

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