In an effort to address concerns regarding the legal tender status of ₹2,000 currency notes after the September 30 deadline for their exchange or deposit, Governor Shaktikanta Das of the Reserve Bank of India (RBI) emphasized on May 22 that there is no need for individuals to rush to banks. He clarified that the specified deadline is intended to encourage people to return the notes promptly rather than causing panic or urgency.
Speaking in the capital, Governor Das assured the public that the RBI’s decision, announced on May 19, to withdraw the ₹2,000 notes from circulation does not imply a sudden devaluation of the currency. The time limit associated with the withdrawal is simply meant to ensure that the announcement is taken seriously and to prompt individuals to return the notes in a timely manner.
Governor Das further emphasized that the banking system has an ample supply of currency to replace the ₹2,000 notes. The RBI has made the necessary arrangements to ensure that there is no shortage of currency during this transition period. Individuals can be confident that they will be able to exchange their ₹2,000 notes for other denominations without any inconvenience.
The decision to withdraw the ₹2,000 notes from circulation is part of the RBI’s ongoing efforts to promote the efficient functioning of the currency system and to curb illicit activities that may be facilitated by high-value notes. It is worth noting that the withdrawal of these notes does not impact the legality of other denominations in circulation, and individuals can continue to use other valid currency notes for their transactions.
Governor Das encouraged individuals to approach their banks at their convenience to exchange or deposit their ₹2,000 notes before the deadline. However, he reiterated that the intention behind the deadline is to urge people to return the notes soon and not to create unnecessary panic or rush. The RBI is committed to facilitating a smooth transition and ensuring that the public’s interests are protected throughout this process.
It is important for individuals to be aware of the deadline and take the necessary steps to exchange or deposit their ₹2,000 notes in a timely manner. Failure to do so within the specified timeframe may result in the notes losing their legal tender status. Therefore, it is advisable for individuals to plan their visit to the banks accordingly and complete the process before the deadline to avoid any inconvenience.
Governor Shaktikanta Das of the RBI sought to allay concerns regarding the legal tender status of ₹2,000 currency notes after the September 30 deadline. He emphasized that there is no need to rush to banks and assured the public that adequate currency stocks are available to replace the notes. The deadline is meant to encourage individuals to return the notes promptly, and the RBI is committed to facilitating a smooth transition throughout this process. Individuals are encouraged to exchange or deposit their ₹2,000 notes before the deadline to avoid any complications.