No one should be in a hurry to return or exchange their Rs 2,000 notes, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday, a day before people approached banks to discard the high-value notes. Should do He also said that the notes will remain valid even after September 30.
The RBI governor said, ‘Now there is no reason to run around the banks. You have four months time, till 30 September.
According to Das, the time limit was imposed primarily with the intention of encouraging people to return the notes.
The RBI chief said, “The Rs 2000 bank note was introduced primarily to compensate for the demonetised notes withdrawn.”
He said banks have been asked to make necessary arrangements to exchange the Rs 2,000 denomination banknotes starting tomorrow.
The governor said that the Rs 2,000 note was originally given to renew cash, which was phased out during the demonetisation of Rs 500 notes and Rs 1,000 notes.
Shaktikanta Das said in an interview with the media today that the high value of the currency was created rapidly to increase the liquidity of the economy. He also said that the number of Rs. Since then the 2000 notes in circulation have fallen by over 50%.
When asked about the deadline of September 30 to replace the Rs 2000 notes, the governor said it was set to be taken seriously.
Depending on the circumstances, the top bank governor said he would reconsider the September deadline.
Rs 2000 denomination notes were taken out of circulation by the Reserve Bank of India on Friday, but they will still function as legal tender. It advised banks to immediately stop issuing bank notes in the denomination of Rs 2000.
Meanwhile, the RBI said that till September 30, 2023, individuals will be able to deposit Rs 2000 notes in their accounts and/or exchange them for bank notes of a different denomination at any bank branch.
The Rs 2000 division banknote was introduced in November 2016, primarily to quickly meet the money requirement of the economy after the withdrawal of all Rs 500 and Rs 1000 notes available for use from legal tender. For.
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