Most of the Rs 2,000 notes in circulation will be returned by September 30: Shaktikanta Das
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The governor said that despite the Ukraine war and the failure of some banks in the West, the country’s currency management system is strong and the exchange rate stable. Das said the decision to scrap Rs 2,000 notes would have a “very limited” impact on the economy.
New Delhi. Reserve Bank of India (RBI) Governor Shaktikanta Das has said that most of the Rs 2,000 notes will be returned by the September 30 deadline. Following the surprise announcement of the sudden withdrawal of the highest denomination currency in circulation, Das told reporters on Monday that the decision was part of the central bank’s currency management. He clarified that the Rs 2,000 note will continue to be legal tender. The governor said that despite the Ukraine war and the failure of some banks in the West, the country’s currency management system is strong and the exchange rate stable. Das said the decision to scrap Rs 2,000 notes would have a “very limited” impact on the economy. The Rs 2,000 note accounts for only 10.8 per cent of the total currency in circulation.
He said that after demonetisation in 2016, Rs 2,000 note was introduced to compensate for the cash crunch. The Governor said that anyone who has Rs 2,000 note can deposit it in his bank account or exchange it for any other denomination currency. “Banks have been advised to make necessary arrangements for exchange of Rs 2,000 notes.” “We are hopeful that most of the Rs 2,000 notes will be returned by the September 30 deadline,” he said.
Das said, “There is already enough cash in the system. Not only the Reserve Bank, there is enough cash in the currency chests operated by the banks. There is nothing to worry about. He said that the Reserve Bank is sensitive to the problems of the people. If people face any problem, the central bank will bring regulation if needed. Das said the existing rule of mandatory Permanent Account Number (PAN) for deposits of Rs 50,000 or more in a bank account will also be applicable in the case of Rs 2,000 notes. He said that the cash or liquidity position in the system would be continuously monitored.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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