RBI Governor Clarifies No Plans for Reintroducing Rs 1000 Notes
Reserve Bank of India (RBI) Governor Shaktikanta Das addressed the concerns of the public regarding the reintroduction of Rs 1000 notes. He emphasized that currently, there are no plans to reintroduce 1000 rupee notes. In a media interaction, Governor Das explained the RBI’s decision to withdraw Rs 2,000 notes and highlighted that the impact of this move on the economy is minimal, as these notes constitute only 10.8% of the cash in circulation.
Availability of Rs 500 and Rs 100 Notes Eases Concerns
Governor Das emphasized that the widely available and easily accessible denominations of Rs 500 and Rs 100 alleviate any concerns about the absence of the highest-value currency in India. He noted that a substantial number of printed banknotes are already in circulation, not just within the Reserve Bank of India (RBI) but also in the cash boxes of banks.
Legal Tender Status of Rs 2,000 Notes Retained
Governor Das reiterated that the Rs 2,000 note will continue to be considered legal tender, despite the decision to abolish it. He urged the public not to rush to bank branches, as elaborate arrangements have been put in place. Governor Das assured that there is no need for panic or overcrowding, as necessary measures have been taken.
Exchange Rs 2,000 notes from tomorrow. Here is process and last date.
RBI Withdraws Rs 2,000 Note from Circulation
The Reserve Bank of India (RBI) has announced the freezing of Rs 2,000 banknotes. However, these banknotes will remain valid until September 30.
RBI Instructs Banks to Exchange Rs 2,000 Notes
The RBI has instructed banks to provide deposit and exchange facilities for Rs 2,000 notes by September 30, 2023. Starting from May 23, 2023, individuals can exchange Rs 2,000 notes for other denominations up to a maximum of Rs 20,000 at a time in any bank. The RBI has also advised banks to discontinue issuing Rs 2,000 banknotes immediately while reiterating that the face value of Rs 2,000 remains legal tender.