New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday clarified that there is no current plan to re-introduce Rs 1,000 notes, allaying concerns among the public. During a media address about the RBI’s decision to withdraw Rs 2000 denomination notes, Das said the impact of the move on the economy would be “very marginal” as these notes constitute only 10.8% of the currency in circulation.
When questioned about the possible reintroduction of Rs 1,000 notes, Das responded with “It is speculative”, indicating that there are no concrete plans or intentions to reintroduce them at this point of time.
The governor emphasized that the current denominations of ₹500 and ₹100 are widely available and easily accessible to the public, without any doubt about the central bank’s ability to manage without the highest value currency in India. solve the concern.
Highlighting the substantial amount of printed notes already in circulation, the Governor stressed on their availability not only in the Reserve Bank of India (RBI) but also in currency chests maintained by banks.
Governor Das reiterated that the ₹2,000 notes will continue to have legal status despite the central bank’s decision to withdraw them from circulation. Urging the public to avoid crowding at bank branches, he said there was no need to rush as adequate arrangements have been made.
RBI will remove 2000 rupee note from circulation
The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 notes. However, the notes will remain legal tender till September 30, says RBI.
RBI requests banks to exchange Rs 2,000 notes
RBI has requested banks to facilitate deposit and exchange of Rs 2,000 notes by September 30, 2023. In the statement, RBI clarified that the facility to exchange Rs 2,000 notes will be available from May 23.
From May 23, 2023, Rs 2,000 notes can be exchanged for other denominations up to a limit of Rs 20,000 at a time in any bank. The denomination of Rs 2,000 will continue to be legal tender.