RBI Governor Shaktikanta Das addressed concerns about the withdrawal of Rs 2,000 notes, stating that they continue to be legal tender, and there is no need for panic or worry. The decision to withdraw these notes was made as part of currency management operations, as the purpose for their introduction has been fulfilled, and there are sufficient other notes in circulation.
Governor Das clarified that the withdrawal deadline of September 30 is intended to ensure that the process is taken seriously, emphasizing that the Rs 2,000 notes remain valid currency until that date. He mentioned that these notes have completed their cycle and age, and their withdrawal aligns with currency management practices. The initial objective of introducing the Rs 2,000 banknotes was to replenish the notes that were withdrawn following the 2016 demonetization.
Regarding the impact on the economy, Governor Das stated that it would be minimal, as the Rs 2,000 notes constitute only 10.8 percent of the total currency in circulation. He reassured that liquidity in the system is being closely monitored on a daily basis.
The exchange of Rs 2,000 notes at banks will commence on May 23, and the State Bank of India (SBI) clarified that no identification or requisition slip is required for deposits up to Rs 20,000 at a time. Governor Das emphasized that the RBI will consider the difficulties faced by people during the exchange process.
Furthermore, he mentioned that the existing income tax requirement of providing PAN for deposits of Rs 50,000 or more in bank accounts applies to Rs 2,000 notes as well. In a recent circular issued on May 22, the RBI advised banks to provide exchange facilities for Rs 2,000 banknotes across the counter in the usual manner, while also ensuring appropriate infrastructure and facilities for customers, such as shaded waiting areas and drinking water provisions, considering the summer season.
The RBI has set a deadline of September 30 for the deposit or exchange of Rs 2,000 notes at banks.
