New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday clarified that there are no current plans to reintroduce Rs 1,000 notes, allaying public concern. During a media address on RBI’s decision to withdraw Rs 2000 notes, Das said the impact of the move on the economy would be “very, very marginal” as these notes constitute only 10.8% of the currency in circulation.
When asked about the possible re-introduction of Rs 1,000 currency notes, Das replied with “It is speculative”, indicating that there are no concrete plans or intentions to re-introduce them at this point.
The governor emphasized that the current denominations of ₹500 and ₹100 are widely available and easily accessible to the public, addressing any concerns regarding the central bank’s ability to operate without the highest-value currency in India.
Pointing out that there are enough printed notes already in circulation, the Governor emphasized on their availability not only at the Reserve Bank of India (RBI) but also at currency chests maintained by banks.
Governor Das reiterated that the ₹2,000 notes will retain their legal tender status despite the central bank’s decision to withdraw them from circulation. He also urged the public to desist from thronging bank branches, saying there was no need to rush as adequate arrangements had been made.
RBI to withdraw Rs 2000 note from circulation
Reserve Bank of India (RBI) has announced demonetisation of Rs 2000 notes. However, the notes will continue to be legal tender till September 30, RBI said.
RBI has asked banks to replace Rs 2,000 notes
RBI has asked banks to provide Rs 2,000 note deposit and exchange facility till September 30, 2023. In the statement, RBI clarified that exchange facility of Rs 2,000 notes will be available from May 23
Starting May 23, 2023, Rs 2,000 banknotes can be exchanged for other denominations up to a limit of Rs 20,000 at any bank. 2,000 will continue to be legal tender.
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