2000 Rupee Notes Withdrawal: The Reserve Bank of India has announced the withdrawal of pink notes of Rs 2,000, which has started from 23 May 2023 and the last date for depositing or exchanging notes in banks is 30 September 2023. Recently, the RBI governor told that more than 50 percent of the Rs 2,000 notes have returned to the banking system. Now a report has come about the withdrawal of Rs 2,000 notes, which believes that due to this decision, GDP in 2023-24 can be more than the RBI’s estimate of 6.5 percent.
Expectation of oil boom in bank deposits
Soumya Kanti Ghosh, Chief Economist of SBI has prepared this report. He said in his report that due to the return of Rs 2000 note, there will be a huge jump in the deposits of banks, there will be a spurt in loan repayment, there will be an increase in consumption, along with the promotion of RBI’s digital currency, GDP growth will also increase. There will be more bounce than expected.
promotion of consumption
It was said in the report that the biggest benefit will be seen on the consumption front. The economy will benefit from additional consumption of Rs 55,000 crore. According to the report, due to the announcement of note withdrawal, there will be a spurt in the demand for gold jewellery, high-end consumer products, ACs, mobile phones, real estate. According to the report, along with temples, donations to other religious institutions will also increase. It was told in the report that the demand for oil has increased at petrol pumps, so food delivery companies have also said that three-fourths of the people are preferring cash payment in the form of Rs 2,000 notes.
GDP can be more than 6.5 percent
In this report of SBI, it has been said that the GDP growth in the first quarter of 2023-24 can be 8.1 percent. Due to which the GDP is estimated to be more than 6.5 percent in the entire financial year. After the MPC meeting on June 8, RBI Governor Shaktikanta Das had said that till now Rs 2000 notes worth Rs 1.80 lakh crore have returned to the system banking system. He said that this is 50 percent of the Rs 2000 notes that were in circulation till March 31, 2023. The RBI governor said that till this period, notes worth Rs 3.62 lakh crore were in circulation in the banking system. Along with this, he told that 85 percent of the 2000 rupees bank notes are being deposited directly in the bank account.
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