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Exchange of Rs 2000 notes starts today

A day before the Reserve Bank of India opens the window for exchanging Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das denied rumours of a new Rs 1,000 currency note. “There’s no such proposal right now,” he told reporters in his first media interview since the decision to pull the biggest denomination note from circulation last Friday. Das said there is no need to fear as the window for clients to exchange Rs 2,000 notes in their hands opens on Tuesday. He urged the public not to rush to banks, claiming that ample time had been provided to exchange the notes. He reiterated that the notes will remain lawful currency (transactionally valid).

The Reserve Bank of India has advised the people to swap or deposit these notes by September 30. “We already have more than enough printed notes in the system, not just with the RBI but also with bank-operated currency chests.” There is no need to be concerned. “There is no need to be concerned; we have sufficient stocks,” Das said.

The withdrawal’s impact on the economy will be “very very marginal,” he added, adding that Rs 2,000 currency notes accounted for only 10.8% of total cash in circulation. While the withdrawn Rs 2,000 rupee notes can be deposited in bank accounts or exchanged for other denomination notes, banks have been asked to make the requisite exchange arrangements.





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