RBI to shut Rs 2000 banknote exchange facility for a day on April 1
Mumbai: The RBI announced on Thursday that the facility for exchange and deposit of Rs 2000 banknotes will not be available on April 1 at the central bank’s 19 offices due to operations associated with the annual closing of accounts.
However, the facility will become operational again on April 2, the RBI said. The facility for the exchange of the Rs 2000 banknotes has been available at the 19 issue offices of the RBI since May 19, 2023.
Starting October 09, 2023, RBI Issue offices also began accepting Rs 2000 banknotes from individuals and entities for depositing them into their bank accounts.
As of March 1, 2024, 97.62 per cent of the Rs 2,000 bank notes that were in circulation on May 19, 2023, have been returned to the banking system. The RBI has said that Rs 2000 banknotes continue to be legal tender.
The Reserve Bank of India (RBI) Governor Shaktikanta Das informed that, 87 percent of the Rs 2000 notes are back. Reserve Bank of India (RBI) Governor Shaktikanta Das earlier today said that, “Overall there is a surplus in liquidity due to the withdrawal of Rs 2000 bank notes.
He further added that, “till now 87% of all Rs 2000 notes are back”. As predicted by economists, the Reserve Bank of India’s Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent.
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent. Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 per cent in FY24.
As regards the inflation rate, the MPC forecast was 5.4 per cent for 2023-24 taking into account the various domestic and global factors. Das also said uncertainty exists due to geopolitical situation, monsoon and others. The MPC met on August 8th, 9th and 10th.
Ms Kalinga