Last month, the Reserve Bank of India (RBI) said it would withdraw Rs 2000 notes from circulation and permitted their exchange or deposit until September 30
Exchange is only permitted up to Rs 20,000 per turn, while there is no limit on depositing the notes, which also earns interest.
When announced, the value of these notes in circulation was Rs 3.6 trillion ($43.61 billion), the RBI said.
Experts are of the opinion that slight easing on sequential basis can be attributed to the seasonality and the government’s action, such as substantial excise cut on petrol and diesel, and easing of edible oil prices.Â