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Mumbai, The Reserve Bank on Friday said that as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement. "Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said. Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes. The <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> had announced the withdrawal of Rs 2000 banknotes from circulation on May 19, 2023.. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023. RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.

RBI says 93% of ₹2000 notes returned to banks

Stating that an estimated Rs 15.28 (rpt) 15.28 lakh crore in junked notes has come back "subject to future corrections based on verification process", the <keyword id="50847" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank">Reserve Bank</keyword> also said it has "no information" whether <keyword id="3315394" type="B2BTAGS" weightage="40" keywordseo="demonetisation">demonetisation</keyword> is being planned to be implemented at regular intervals. The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="rbi">RBI</keyword> has been facing flak from the opposition parties for demonetization and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits. To a query on how much amount of black money has been extinguished as a result of demonetisation, the central bank said, "The RBI has no information in this regard." The RBI gave similar reply to another question on how much unaccounted money has been legitimised through exchange of junked currency. The central bank did not give any direct reply on adverse impact on the informal and unorganised sector, as also about the <keyword id="35050" type="B2BTAGS" weightage="40" keywordseo="gdp">GDP</keyword> loss. The RBI said the deceleration in overall economic growth figures for 2016-17 had begun "much before demonetisation" due to weakness in industrial and services sector. Last week, several members of the panel had sought redrafting of its draft report on demonetisation as the RBI at that time had not provided some crucial details including on the quantum of junked Rs 500/1,000 notes.

RBI has no information on how much black money removed by note ban

<ul><li><keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword> told reporters yesterday that the Modi administration implemented its demonetisation initiative in November 2016 in a “flawed” manner. </li><li>This marks a reversal of his stance a few years ago, when he lauded the Modi government on the reform right after it was announced. </li><li>At the end of 2017, Rajinikanth said that he was starting a political party to contest elections for the State Assembly in <keyword id="20154" type="LOCATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>. </li><li>While not much progress seems to be made on this front over the course of 2018, a big announcement is expected for the end of the year. </li></ul>To his legion of swarming fans, Tamil film superstar Rajinikanth is something of a god. But to India’s central government, the 67-year old actor and aspiring political leader might be more of a bugbear. At a press conference in Chennai yesterday, Rajinikanth remarked that the Modi administration implemented its demonetisation initiative in November 2016 in a <a href="https://www.business-standard.com/article/pti-stories/rajini-accuses-centre-of-flawed-implementation-of-note-ban-118111201660_1.html">“flawed”</a> manner, according to the Press Trust of India. He added that the initiative should have been implemented only after “detailed research” on its implications had been carried out. This marks a reversal of <a href="https://twitter.com/rajinikanth/status/796040786965991424?lang=en">his stance</a> a few years ago, when he lauded the Modi government on the reform right after it was announced. In addition, when asked about the possibility of a mega-alliance of opposition parties against the ruling BJP in next year’s general elections, the actor remarked that if regional parties believed that the party was “dangerous”, then it probably was. A number of South Indian politicians have criticised the demonetisation reform. Last week, M K Stalin, the head of Tamil Nadu’s DMK party, called the <keyword id="6355611" type="UNKNOWN" weightage="20" keywordseo="note-ban">note ban</keyword> a <a href="https://twitter.com/mkstalin/status/1060412326707322880?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1060412326707322880&amp;ref_url=https%3A%2F%2Fwww.ndtv.com%2Ftamil-nadu-news%2Fmk-stalin-notes-ban-demonetisation-demonetization-is-one-man-made-disaster-for-india-1944590">“man-made disaster for India”</a>. Rajinikanth’s disapproval of the ruling party of <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Amit Shah could be a calculated ploy to gain more supporters as he prepares the launch of his own political party. With their history of leftist politics, the southern states of India are widely seen to be an Achilles heel for the right-wing BJP. In the 2014 general elections, the saffron party won only <a href="https://timesofindia.indiatimes.com/india/bjp-looking-at-alliance-route-to-boost-its-prospects-in-south-india/articleshow/65661570.cms">a handful </a>of seats from the states of Telangana and Andhra Pradesh with zero from Kerala. At the end of 2017, Rajinikanth announced that he was <a href="https://www.thehindu.com/news/national/tamil-nadu/live-updates-actor-rajinikanths-political-announcement/article22337334.ece">starting a political party </a>to contest elections for the State Assembly in Tamil Nadu. While not much progress seems to be made on this front over the course of 2018, one of his compatriots, AC Shanmugam, the head of small political outfit the New Justice Party, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/rajinikanths-political-party-likely-by-year-end/articleshow/65939643.cms">told Economic Times</a> in September that an announcement in this regard was slated for the end of the year. In October, media outlets speculated that the party would be launched on <a href="https://www.thehindu.com/news/national/tamil-nadu/rajinikanth-may-launch-party-on-december-12/article25242761.ece">12 December</a>, the actor’s birthday.

One of India’s biggest film stars, Rajinikanth, has reversed his stance on demonetisation as he prepares to launch his own political party

Exactly a year ago, at 8pm on November 8, 2016 to be precise, India's Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> dramatically announced on national television that the two highest-denominated currency notes in use would cease to be legal tender a few hours later. The decision to scrap 86 per cent of the currency in circulation in the then second largest emerging market in the world has not just polarised public opinion sharply, it has also led to mixed responses from <keyword id="46431" type="ORGANIZATION" weightage="100" keywordseo="india-inc">India Inc</keyword> on the first anniversary of <keyword id="3315394" type="PERSON" weightage="20" keywordseo="demonetisation">demonetisation</keyword>. The <keyword id="2673101" type="ORGANIZATION" weightage="20" keywordseo="associated-chambers-of-commerce-of-india">Associated Chambers of Commerce of India</keyword> says it stands by its demonetisation verdict -- "Short term pain, long term gain". Assocham Secretary General DS Rawat says, "Indeed, initially the informal and small scale industries as well as the rural economy was impacted, but now the economy has started getting desired results. Hope in the next 12 months the nation would have achieved the set objectives." Meanwhile, according to Chandrajit Banerjee, the Director General of the <keyword id="6363932" type="ORGANIZATION" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, demonetisation was a bold move to shift the economy towards greater formalisation for a more stable and sustainable growth process. For the industry, Banerjee says: "Demonetisation was one of the means towards a transparent, efficient and competitive economy that is now being ushered in through reforms." "It contributed to building investor confidence and reassured us that the economic reforms process is heading in the right direction," he adds. On the contrary, the PHD Chamber of Commerce &amp; Industry says the effects of demonetisation still persists as demand in the economy is still lacklustre and business firms are still not enthusiastic in the production process. "Though demonetisation of Rs 500 and Rs 1,000 currency notes has completed one year today, the industries have still not recovered fully from the aftermath of unearthing 86 per cent of the total currency," says Anil Khaitan, President of PHD Chamber of Commerce &amp; Industry. Even as Khaitan appreciates the efforts of the government to stamp out black money from the system, curb corruption and to move towards less cash society, he adds: "Demonetisation drive has impacted the businesses directly or indirectly in terms of impact on demand and sales. The impact of demonetisation has been majorly seen on small businesses as they are highly driven by cash transactions." Even as demonetisation has left even India Inc divided on whether Prime Minister Modi's cash gamble has achieved what it set out for, demonetisation is certainly going to continue to be hotly debated for quite some time to come.

Demonetisation has even left India Inc. divided on PM Modi's biggest-ever economic gamble

<a href="http://www.businessinsider.in/searchresult.cms?query=atms&amp;sortorder=effectivedate">ATMs</a> are dry and <a href="http://www.businessinsider.in/searchresult.cms?query=cash+crunch&amp;sortorder=effectivedate">cash crunch</a> is back to haunt you yet again. No, the government has not <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">banned any notes</a> but the automatic teller machines (<keyword id="60866" type="PERSON" weightage="20" keywordseo="ATMs">ATMs</keyword>) are empty over the past few days and many sections are facing the problem. 
 
Reportedly, most of the 60% working ATMs are getting loaded with cash in full capacity. 
 
ET reported ATMs are not being filled to the maximum capacity of around Rs 30 lakh because of insufficient cash supply. In fact, only Rs 10 lakh is being loaded in each machine. 
 
"We are still loading less than 70% of the full capacity of ATMs and there are concerns around the (inadequate) supply of Rs 100 denomination notes," chief executive of one of India's biggest ATM manufacturing companies, which also manages ATMs, told ET. 
 The reason of the <keyword id="3888095" type="UNKNOWN" weightage="20" keywordseo="Cash-crunch-in-ATMs">cash crunch in ATMs</keyword> is attributed to high withdrawals towards the end of a financial year. 
 
"Every year we usually see a spike in supply of currency notes to meet this higher demand. The demand this year has been high as usual, but there was no increase in supply, causing a serious cash shortfall across the country," another top executive with a cash logistics company responsible for transporting cash and managing ATMs told ET, adding “Usually we see about 35% of the entire cash supply for the month of March happening in the fourth week. But that much cash was not supplied this year.”

You Searched For "Note ban" and got 5 results

RBI says 93% of ₹2000 notes returned to banks

PTI

RBI has no information on how much black money removed by note ban

PTI

One of India’s biggest film stars, Rajinikanth, has reversed his stance on demonetisation as he prepares to launch his own political party

Dilsher Dhillon

Demonetisation has even left India Inc. divided on PM Modi's biggest-ever economic gamble

BI India Bureau

Cash crunch is back! ATMs are dry yet again

BI India Bureau

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