New Delhi: The Reserve Bank of India’s (RBI) decision to withdraw the Rs 2,000 note from circulation will not have any major impact on gold demand and rupee value, an expert said on Saturday. According to experts, the number of Rs 2,000 notes in circulation (or stored in lockers) is not very high.
“The number of Rs 2,000 notes in circulation is not high. It is not like the demonetisation of Rs 500 and Rs 1,000 notes that happened in 2016,” said Harish V, head of commodity research at Geojit Financial Services. told IANS. (Also Read: Latest FD Rates 2023: SBI vs BoB vs HDFC vs ICICI Bank Fixed Deposit Interest Rates)
According to Harish, there are other investment avenues and further, there is a limit to using cash to buy gold. “RBI’s decision will have no impact on gold/silver futures either,” he said.
The RBI said on Friday that Rs 3.62 lakh crore worth of Rs 2,000 notes were in circulation on March 31, 2023. Harish said that even if people decide to convert their Rs 2,000 into US dollars, there will be no major impact. Value of Indian Rupees.
“As witnessed during demonetisation, we expect banks’ deposit growth rate to improve modestly in the near term. This will reduce pressure on deposit rate growth and may also moderate short-term interest rates,” said Karthik Srinivasan, Senior Vice President Financial Sector Ratings. ICRA said.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.