RBI Governor Assures Public: No Need To Rush To Exchange Rs 2,000 Notes
RBI Governor Assures Public: No Need To Rush To Exchange Rs 2,000 NotesAn Indian man displays a new Rs 2,000 note after exchanging his old Rs 500 and Rs 1,000 notes at a bank in New Delhi. (SAJJAD HUSSAIN/AFP/Getty Images) (representative picture)

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), said on Monday (22 May) that people don't need to rush to banks to exchange Rs 2,000 notes as the deadline, which is 30 September, is still four months away.

He said the decision to withdraw the Rs 2,000 notes from circulation was part of the currency management operation of the RBI and is in line with the 'clean note' policy.

The deadline is aimed at streamlining the process of the return of these notes to the RBI, but the bank will be sensitive to all issues that may arise during the process.

Das confirms that most of the Rs 2,000 notes in circulation will come back to the RBI before the set deadline.

The Governor also mentioned that there is more than adequate stock of different denominations available in the system.

The exchange and/or deposit of Rs 2,000 notes at banks will commence on 23 May.

Das said that the introduction of Rs 2,000 notes was to resupply withdrawn notes after demonetisation, which it has accomplished.

Economic activity will be unaffected by the withdrawal as the Rs 2,000 notes have minimal use, according to Das.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber