'No need to panic, Rs 2000 note withdrawal part of currency management: RBI Governor
RBI on Rs 2000 banknote exchange: There is no need to panic and rush to return or exchange their Rs 2,000 notes, Reserve Bank of India (RBI) governor Shaktikanta Das said on Monday. The withdrawal of Rs 2,000 notes is a significant step in currency management, he stated.
"There is no reason to rush to banks now. You have four months, till September 30," the RBI Governor further said.
"The time was given up to September 30 for the exchange of notes in order to ensure that it was taken seriously. If it was left open-ended, it would become kind of an endless process," he added.
Further answering questions over the Rs 2000 note withdrawal, the RBI official said: “Let me clarify and re-emphasise that it is a part of the currency management operations of the RBI. For a long time, the Reserve Bank has been following a clean note policy."
He clarified that RBI withdraws notes of a particular series and issues fresh notes from time to time. “We are withdrawing the ₹2000 notes from circulation but they continue as legal tender," the RBI Governor assured.
“We have clearly explained in our press note that the ₹2000 notes were primarily issued for the purpose of quickly replenishing the value of money which was being taken out from the system when the legal tender status of then-prevailing ₹1000 and ₹500 notes was withdrawn," he said.
He stated that because that purpose has been met and there are now enough notes of other denominations, the decision was made to withdraw these notes.
The printing of those notes has also been halted, according to the Governor.
Das asked people to view this initiative as part of the Reserve Bank of India's currency management operations.
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