The withdrawal of Rs 2,000 notes are reminding people of demonetisation days when Rs 500 and Rs 1,000 notes were banned and people were rushing to banks to exchange their cash. But the current transition away from fluorescent pink Rs 2,000 notes is a lot more organised as people have been given four months to replace them, and the Reserve Bank of India wants to avoid panic.
Debunking speculation
Amidst speculation, questions are being asked about the Rs 1,000 note making a comeback, but RBI Governor Shaktikanta Das has cleared the air and stated that there are no plans to do so.
Calling reports about the reintroduction of Rs 1,000 notes speculative, Das urged people not to rush to exchange notes since they have ample time.
Ensuring compliance avoiding panic
He said that the deadline has only been set so that people take the move seriously and return the Rs 2,000 notes that have served their purpose.
He also maintained that the notes being phased out won't have a major impact on the economy, since they only account for little more than 10 per cent of the country's total cash flow.
In order to make the exchange of currency notes simpler, banks have also been asked to process it without making people fill up slips.
