Recently in a press meeting, the RBI ( Reserve Bank of India) Governor Shaktikanta Das explained about withdrawing RS. 2000 notes from currency. “The decision to withdraw these currency notes was taken as there were enough notes of other denominations now. We have more than adequate quantity of printed notes available in the system” – the RBI governor said.
Speaking to reporters, Das even said that the security features of the high value Gandhi series notes have not been breached and never compromised and that the integrity of the notes has continued. He even concerned all the public about the date of exchanging the notes being extended to 30th September, 2023, which means people don’t need to rush to exchange their notes with other denominations right now.
On being asked about the returns of RS. 1000 notes in place of RS. 2000 notes, the RBI governor mentioned it as “speculative”.
He also emphasized that, the decision of withdrawals of these notes and replenishing with other lower denominations is part of the RBI’s currency management operations. However, he also said that the 2000 rupees notes will continue to remain as a legal tender till the aforementioned date.
Therefore, it is clear that people do not have to panic about exchanging their denominations overnight, due to the ease given till 30th September, 2023. Overall, the decision can bring about a long-lasting impact in the Indian economy.