Rs 2000 will continue to be legal tender, no need to rush to the banks: RBI
No one should rush to return or exchange their Rs 2,000 notes, Reserve Bank of India (RBI) governor Shaktikanta Das, continue to remain legal
New-Delhi: Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said that no need to rush to the banks to return or exchange Rs 2000 rupee notes and will continue to be a legal tender.
The governor said that Rs 2000 note was primarily issued for the purpose of quickly replenishing the value of money taken out from the system when the legal tender status of then prevailing Rs 1000 and Rs 500 notes was withdrawn.
Shaktikanta Das said today in an interview with the media that the currency’s higher value was created quickly to increase the economy’s liquidity. He also said that the number of Rs. 2000 notes in circulation has dropped below 50% since then.
When asked about the September 30 deadline for exchanging Rs 2000 notes, the governor stated that it was set so that it would be taken seriously.
Based on the circumstances, the governor of the apex bank stated that it would reconsider the September deadline.
RBI governor said that they have more than adequate quantity of notes available already printed. They have more than adequate quantity of printed notes already available in the system , not just with the RBI but also at the currency chests which are operated by the banks. So, there is adequate stock available and there is no reason to worry.
Kalinga AI