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2 Thousand Rupees Note: Only a week after the decision to withdraw Rs 2,000 out of circulation, Rs 36,492 crore has disappeared from circulation. This means that during a week more than Rs 36 thousand crore has been deposited in the banks after going out of circulation.
The Reserve Bank of India has decided to keep Rs 2000 out of circulation. For this, banks have been asked to deposit and exchange Rs 2 notes by September 30. Till now most of the people have preferred to change instead of exchanging notes in banks.
According to the latest RBI data, the outstanding currency in circulation was Rs 34.4 lakh crore as on 26 May 2023, which has declined by Rs 36,492 crore in a week. The fall in CIC reflects the low circulation of money in the banking system. Bank of Baroda Chief Economist Madan Sabnavis said that the reduction in CCI shows that Rs 36,000 crore was first exchanged and later withdrawn from the system. He says that 36 thousand crore rupees have been returned to the banks on behalf of the banks.
Estimated to come from 50 thousand to 1 lakh crore rupees
Another means of this is that a large number of Rs 2000 notes are returning to the banking system. Experts estimate that out of Rs 3.6 lakh crore in Rs 2000 notes in circulation, Rs 50 thousand crore to Rs 1 lakh crore are coming back. However, during a week itself, currency worth more than 36 thousand crores has been returned.
notes coming fast
Such a large number of notes received during the first week itself clearly means that Rs 2000 notes are coming back into circulation with speed. HDFC Bank Economist Abheek Baruah said that the decline in CIC could be due to the withdrawal of Rs 2000 notes. He says that it seems that two big banks have got 32 thousand crore rupees.
SBI Chairman Dinesh Kumar Khara had said that the bank has received Rs 14,000 crore for the Rs 2,000 note. At the same time, 3 thousand crore rupees have been exchanged.
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