The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,581 crore at the close of business on June 28, 2024.
Reserve Bank of India’s six-member Monetary Policy Committee decision to keep the repo rate unchanged at four per cent is a step in the right direction, especially when it is borne in mind that inflation is now on the rise.
The unclaimed deposits rose to Rs 11,494 crore in 2017 from Rs 8,928 crore in 2016, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
The remarks come a day after former RBI Governor Raghuram Rajan blamed the indirect taxation reform for derailing India's growth story.
The information was provided by the RBI's Department of Currency Management, an official told PTI.
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