RBI Governor: Withdrawal of ₹2000 notes part of currency management; no need to rush to exchange

RBI Governor: Withdrawal of ₹2000 notes part of currency management; no need to rush to exchange

He also assured the citizens that no new mechanism has been implemented to collect the Rs 2,000 notes.

FPJ Web DeskUpdated: Monday, May 22, 2023, 07:15 PM IST

RBI Governor Shaktikanta Das on Monday while interacting with the media said the announcement of exchange of ₹2,000 bank notes is part of RBI's currency management operations and is in tune with the clean note policy. He further assured the people that there is no need to rush to make exchanges as there is a time frame of four months.

The Reserve Bank of India's Governor further added that the notes were introduced to quickly replenish the earlier ₹500 and ₹1000 notes and the purpose of printing these notes has been fulfilled. He also assured the citizens that no new mechanism has been implemented to collect the ₹2,000 notes. The procedure is the same as that of Bank deposits.

Das told the media, "We are withdrawing the ₹2,000 nots from circulation but they continue as legal tender."

The RBI expects most of the notes that are currently circulating in the market to come back and any further decisions will be taken after it sees the amount of notes that have come back. The RBI has also ensures that there is adequate stock of other denominations in the system.

Offering reassurance to citizens that are currently in foreiign countries Das said, "We will find solutions to all the problems that the citizens are currently facing."

He further stated, "No need to hurry to make the exchange, you can go to the banks when you have time as there is a time span of four months." Das also said that the set deadline is only to streamline the process he also hinted for a possible extnesion of the September 30 deadline.

The RBI Governor is attending Central Banks internal event on 'Leadership and Governance in Banks: Driving Sustainable Growth and Stability'.

RECENT STORIES

Unauthorised Transaction Due To Third Party Breach: Bank Customer Has Zero Liability, Says Bombay...

Unauthorised Transaction Due To Third Party Breach: Bank Customer Has Zero Liability, Says Bombay...

Aadhaar Card Update Deadline Extended: UIDAI Offers Free Corrections Until September 14; Here's What...

Aadhaar Card Update Deadline Extended: UIDAI Offers Free Corrections Until September 14; Here's What...

Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

Reliance Capital Resolution: NCLT To Hear IIHL Plea For Deadline Extension On June 20

Reliance Capital Resolution: NCLT To Hear IIHL Plea For Deadline Extension On June 20

AI Innovations In Banking: Lessons Learned From Bhargava Kumar's Pioneering Projects

AI Innovations In Banking: Lessons Learned From Bhargava Kumar's Pioneering Projects