Decision to withdraw Rs 2,000 notes ‘part of currency management operations’: RBI
Chandigarh: The Reserve Bank of India (RBI) on Monday said that its decision to withdraw Rs 2,000 notes, its highest value currency note, from circulation is a part of the currency management operations of the central bank. RBI Governor Shaktikanta Das said: “Rs 2,000 bank notes were introduced primarily to replenish the notes withdrawn following demonstration.” Banks have been advised to make necessary arrangements for exchange of Rs 2,000 bank notes, said Das, adding that: “We expect most of Rs 2,000 bank notes to come back to exchequer by September 30.”
Das said RBI would be sensitive to difficulties faced by people regarding the exchange of Rs 2,000 bank notes. “Reluctance among merchants to accept Rs 2,000 bank notes was there previously as well, may have increased after the withdrawal,” he said.
He said Indian currency management system was very robust.