RBI has announced to withdraw Rs 2,000 note from circulation. Following the announcement an atmosphere of chaos has been created. Meanwhile, RBI Governor Shaktikanta Das has given an important statement. He said that the purpose of RBI to bring 2000 rupee note has been fulfilled. Governor Das himself came in front of the media in the midst of growing chaos and tried to give relief to the people by disclosing many points.
RBI Governor Shaktikanta Das, talking to media, said, “purpose has been fulfilled, today there are enough notes in circulation, of other denominations. Even the circulation of Rs 2000 notes as we have explained has come down from its peak of 6 lakh 73,000 crores to about 3 lakh 62,000 crores. The printing also has been stopped. The notes have completed their life cycle.”
RBI Governor said, “Let me clarify and re-emphasize that it is a part of the currency management operations of the Reserve Bank…For a long time, the Reserve Bank has been following a clean note policy. From time to time, RBI withdraws notes of a particular series and issues fresh notes…We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender.”
RBI Governor Shaktikanta Das said, “…Time is given up to Sept 30 (for exchange of notes) so that it is taken seriously, otherwise, if you leave it open-ended, it become kind of an endless process.”
RBI Governor said, “Let me assure you, we have more than adequate quantity of notes available already printed. We 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. ” He added, ” From May 23, the limit for exchanging Rs 2,000 notes for other denominations in any bank will be up to Rs 20,000 at a time. At the same time we are constantly monitoring the problems coming in changing the notes.”
Shaktikanta Das added, “We have clearly explained in our press note that the Rs 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which was being taken out from the system when the legal tender status of then-prevailing Rs 1000 and Rs 500 notes was withdrawn. ”