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Most of the Rs 2,000 notes that were withdrawn expected to be returned by September 30 deadline, says Shaktikanta Das
The Reserve Bank of India had issued a statement directing all banks to halt the circulation of Rs 2,000 currency notes.
The decision comes following the Reserve Bank of India's statement directing all banks to halt the circulation of Rs 2,000 currency notes.
The decision to withdraw Rs 2,000 notes is different from demonetisation which involves eliminating the lawful acceptance status of a monetary unit in an economy.
However, the banknotes in Rs 2,000 denomination will continue to be legal tender, the RBI said in a statement.
Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said.
The Pakistani rupee depreciated by Rs 2.52 to settle at Rs 271.35 at the close of the day.
In the domestic futures market, MCX gold rose 0.4% to ₹57,050 per 10 grams. The spot rate was Rs 42,160 per 10 grams, according to a report.
The domestic currency had last closed at the 83-mark on October 19, 2021.
In the first phase, the transactions will take place in Delhi, Mumbai, Bengaluru, and Bhubaneswar on December 1.