After the Reserve Bank of India announced that Rs 2000 notes would be withdrawn from circulation, Governor Shaktikanta Das reaffirmed on Monday that the notes would remain legal tender.
He also stated that he does not anticipate a rush in the branches and urged people not to rush to banks. The RBI Governor stated that the Rs 2000 note was issued primarily to replenish the money that had been removed from the system during the demonetization of Rs 500 and Rs 1,000 notes.
RBI Governor, Shaktikanta Das told reporters today that the higher currency value was created in a short period of time to increase liquidity in the economy. He also stated that the circulation of Rs 2000 notes has dropped below 50% since then.
Serious about exchange of 2000 rupee notes: RBI Governor
When asked about the September 30 deadline, the RBI governor stated that it was set in order for the exchange of Rs 2000 notes to be taken seriously. The governor of the central bank stated that the September deadline will be reconsidered based on the situation.
The Reserve Bank of India removed the Rs 2000 denomination banknotes from circulation on Friday, but they will remain legal tender. It instructed banks to stop issuing Rs 2000 banknotes with immediate effect.
Meanwhile, the RBI stated that people would be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them for banknotes of other denominations at any bank branch until September 30, 2023.
The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the economy’s currency needs quickly following the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at the time.
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