Shops cannot decline Rs 2,000 notes, says RBI chief Shaktikanta Das
NEW DELHI,MAY 22 : Reserve Bank of India Governor Shaktikanta Das said the Rs 2,000 note continues to be legal tender and shops cannot decline them.
“We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender,” Das said, adding that no one can decline the Rs 2,000 notes as directed by the central bank earlier.
He said there is no need to panic for customers as enough time has been given to exchange these notes. In its notification, the RBI has urged people to exchange or deposit Rs 2,000 notes by September 30, 2023.
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Das said banks in the country have been advised to make necessary arrangements to facilitate the exchange of Rs 2,000 notes that have been withdrawn from circulation. He added that banks need to take measures to smoothly carry out the process.
“We have given a deadline of September so that the process will be taken seriously. We can’t leave it open-ended,” said the RBI governor.
“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, the RBI withdraws notes of a particular series and issues fresh notes,” Shaktikanta Das said.
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“We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender.”
The RBI Governor reiterated that the Rs 2,000 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was being taken out from the system” when the legal tender status of then-prevailing Rs 1,000 and old Rs 500 notes was withdrawn.
On Friday, the RBI decided to withdraw Rs 2,000 notes from circulation, adding that they will continue to be legal tender. The RBI urged the public to exchange or deposit Rs 2,000 notes at banks till September 30, 2023.
-PTI
