over 72% of the withdrawn Rs 2,000 currency notes have been deposited or exchanged at banks so far, a month after the withdrawal started. This is a significant amount, and it suggests that most people have complied with the RBI’s request to deposit or exchange their notes.
There are a few possible reasons for this high compliance rate. One possibility is that people simply didn’t want to hold on to the Rs 2,000 notes, as they were no longer legal tender.
Another possibility is that people were concerned about the implications of not depositing or exchanging their notes, such as being fined or having their accounts frozen.
Whatever the reason, the high compliance rate is good news for the RBI. It means that the central bank will be able to retire the Rs 2,000 notes from circulation relatively smoothly.
This will free up space in the currency chest, and it will also make it easier for the RBI to track the movement of money in the economy.
Of course, there is still some time left before the deadline for depositing or exchanging Rs 2,000 notes. It is possible that some people will still hold on to their notes after the deadline.
However, the high compliance rate so far suggests that most people will comply with the RBI’s request.
