Will Rs 1,000 notes come back after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 notes from the market? RBI Governor Shaktikanta Das has spoken well on the matter, saying that after the order to withdraw the Rs 2,000 denomination from circulation, the RBI has no plans to re-introduce Rs 1,000 notes.
The Rs 2,000 note was introduced in the market in November 2016 following the demonetisation move of the Modi government after the Rs 500 and Rs 1,000 notes were banned.
The RBI governor said that these are speculations as there is no such proposal as of now.
RBI Governor Shaktikanta Das said that the Reserve Bank of India expects most of the outstanding Rs 2,000 notes to be returned to banks by September 30, the last date for depositing/exchangeing such notes.
Talking to reporters on Monday, he said that most of the Rs 2,000 notes would be returned to banks by September 30, 2023, and also urged people not to rush to banks for deposits/exchanges.
According to the RBI, there are about 181 crore notes in the Rs 2,000 denomination notes in circulation.
On 19 May the RBI said that it would withdraw all Rs 2,000 notes as a part of its clean note policy and added that it would continue to be a legal tender.
According to RBI, people can deposit Rs 2,000 notes in their bank accounts and/or exchange them for other denomination bank notes from May 23 to September 30 at any bank branch.
Having said that the purpose of coming out with Rs 2,000 notes to fill the void created by demonetisation of Rs 500/Rs 1000 notes has been fulfilled and now adequate number of currency notes are in circulation.
He said that Rs 500 note will be printed as per the requirement.
According to him, earlier also many shops and other people were reluctant to accept Rs 2,000 notes. He also said that the security features of the Rs 2,000 note have not been breached.
,With inputs from IANS,
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