Reserve Bank of India Governor Shaktikanta Das on Monday reiterated that the Rs 2000 note will continue to be a legal tender, following the central bank’s announcement that the notes will be withdrawn from circulation.
He also said that he does not expect rush at the branches and urged people not to rush to the bank. The governor said that while the Rs 2000 notes were initially issued for replenishment, the Rs 500 notes and Rs 1000 notes were withdrawn from the system when they were demonetised.
Shaktikanta Das while interacting with mediapersons today said that the high value of the currency was created in a short period of time to increase liquidity in the economy. He also added that since then the circulation of Rs 2000 notes has come down to below 50 per cent.
Asked about the September 30 deadline, the governor said the deadline given for the exchange of Rs 2000 notes was decided so that it would be taken seriously.
The apex bank governor said the September deadline would be revised based on the situation.
The Reserve Bank of India on Friday withdrew the Rs 2,000 notes from circulation but they will remain legal tender. It advised banks to stop issuing Rs 2000 notes with immediate effect.
Meanwhile, the RBI said that people will be able to deposit Rs 2000 notes in their bank accounts and/or exchange them for other denomination notes at any bank branch till September 30, 2023.
The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of a fast economy after the legal tender status of all Rs 500 and Rs 1000 notes in circulation at that time was revoked.
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