RBI expects return of most ₹2,000 currency notes in circulation by September 30: RBI Governor
The Hindu
Reserve Bank of India (RBI) Governor Shaktikanta Das on May 22 said most of the withdrawn ₹2,000 rupee notes are expected to be returned by the deadline of September 30.
Reserve Bank of India (RBI) Governor Shaktikanta Das on May 22 said most of the withdrawn ₹2,000 rupee notes are expected to be returned by the deadline of September 30.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Mr. Das said the decision was part of currency management.
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₹2,000 currency notes continue to be legal tender, Mr. Das added.
Indian currency management system is very robust, exchange rate has remained stable despite crisis in financial markets due to war in Ukraine and failure of certain banks in the West, he said.
The impact of the withdrawal on the economy will be "very very marginal", he said, adding ₹2,000 currency notes made up for just 10.8% of the total currency in circulation.
He said ₹2,000 notes were introduced primarily to replenish the currency that was withdrawn following the 2016 demonetisation, he said.