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India Business News: The currency value increased in FY24 despite Rs 2,000 notes withdrawal. Slowest growth rate since 2018. Rs 500 notes now account for 86.5% of all CIC ....
India News: Controversy over suspended UPPL leader Basumatary's photo with money in Assam. Suspension due to corruption. Congress's Saikia condemned BJP alliance. ....
The growth rate of currency in circulation slowed down to 3.7% for the week ended February 9, compared to 8.2% a year earlier, due to the Reserve Bank of India s decision to withdraw Rs 2,000 banknotes. Currency in circulation includes all notes and coins in circulation, excluding cash held by banks. Commercial banks also saw double-digit growth in deposits in January, which can be linked to the withdrawal of Rs 2,000 notes. ....
On January 1, the RBI said that 97.38 percent of the Rs 2,000 currency notes in circulation as of May 19, 2023, have returned to the banking system. ....