Will RBI Withdraw Rs 500 Notes? Details Here

Following the Reserve Bank of India's (RBI) decision to withdraw Rs 2,000 notes from circulation, the rumor mills have been abuzz with discussions and speculations surrounding the fate of Rs 500 notes.

Additionally, murmurs have emerged suggesting that the central bank may be considering the reintroduction of Rs 1,000 notes.

Governor Shaktikanta Das of the Reserve Bank of India (RBI) addressed speculations on Thursday, stating that the central bank has no intention of withdrawing Rs 500 notes from circulation or reintroducing Rs 1,000 notes. During a press conference unveiling the second bi-monthly monetary policy for FY24, Das urged the public not to engage in speculative discussions.

Dismissing rumors of the return of Rs 1,000 notes, Das also highlighted the active return of Rs 2,000 notes that were previously in circulation. Notably, the printing of Rs 2,000 notes was halted in 2018.

Providing statistics on the return of Rs 2,000 notes, Das said, "A total of Rs 3.62 lakh crore worth of Rs 2,000 banknotes were in circulation. Following the announcement, approximately Rs 1.8 lakh crore worth of Rs 2,000 banknotes have been returned. This accounts for roughly 50 percent of the Rs 2,000 banknotes that were in circulation."

Das further said that out of the total returned notes, 85 percent of them were deposited through banks.