Reserve Bank of India (RBI) Governor Shaktikanta Das talking to the media on the withdrawal of ₹2000 notes by RBI, in New Delhi on May 22, 2023. Photo Credit: ANI
trying to allay concerns Regarding legal tender status of ₹2,000 currency notes after 30 September deadline for their exchange or depositReserve Bank of India Governor Shaktikanta Das on 22 May insisted that there was no need to rush banks and indicated that the last date was only to motivate people to return notes early.
Speaking in the capital, Mr Das said a deadline had been specified with May 19 Decision to withdraw two thousand rupee note from circulation only to ensure that “the announcement is taken seriously” and assured that the banking system had sufficient currency stocks to replace these notes.
Whereas Banks have been advised to make suitable arrangements for the people To exchange his ₹2,000 notes, Mr Das indicated he did not expect such a rush Bank branches as seen in 2016 after the last ₹500 and ₹1,000 currencies scrapped.
He said, ‘I would appeal to the people that there is no need to run around the banks – four months’ time has been given. You can do it anytime that suits you. By September 30, please exchange it,” requested the RBI chief, stressing that not setting a deadline would have made the process open-ended and “endless”.
enough stock
“Let me assure you, we have sufficient quantity of printed notes already available in the system… not only with RBI but also in currency chests operated by banks. There is enough stock available and there is no reason to worry,” assured Mr Das.
earlier in the day The central bank directed all banks to ensure Over-the-counter exchange facility for higher denomination notes is extended to the public, as was being done in the past. The regulator also advised the banks to provide proper infrastructure facilities like shady waiting rooms and drinking water facilities for the people in their branches as this exercise is being done in the summer season.
“Banks shall maintain daily data on deposit and exchange of ₹ 2,000 notes in a format containing the name of the bank, date, amount of ₹ 2,000 notes exchanged, amount of ₹ 2,000 notes deposited, and total received The amount will be included and it will have to be deposited as and when called for,” said the RBI circular to lenders.