Will Rs 1,000 notes make a comeback? Here’s what RBI Governor says.
The Rs 2,000 currency notes were introduced in the market after Modi government’s demonitisation move when Rs 500 and Rs 1,000 currency notes were banned in November 2016.
Will Rs 1,000 notes make a comeback after the Reserve Bank of India (RBI) announced the discontinuation of Rs 2,000 currency notes from the market. Well speaking on the matter, RBI Governor Shaktikanta Das has said that the RBI does not have any plans to re-introduce Rs 1,000 notes after its order to withdraw Rs 2,000 denomination from circulation.The Rs 2,000 currency notes were introduced in the market after Modi government’s demonitisation move when Rs 500 and Rs 1,000 currency notes were banned in November 2016.The RBI Governor said that these are speculative reports as there is no such proposal right now.The Reserve Bank of India expects most of the outstanding Rs 2,000 denomination banknotes to come back to the banks by September 30, the last date for deposit/exchange of such notes, Shaktikanta Das, the RBI Governor said.While speaking to reporters on Monday, he said that most of the Rs 2,000 note will be back to the banks by September 30, 2023 and also urged the people not to rush to the banks to deposit/exchange.
According to RBI, there are about 181 crore of Rs 2,000 denomination currency notes out in circulation.
On May 19 the RBI said it will withdraw all the Rs 2,000 banknotes as a part of its clean note policy and added that it will continue to be a legal tender.
According to the RBI, people may deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch from May 23 onwards till September 30.
Stating that the purpose of coming with the Rs 2,000 notes to replenish void created by demonetisation of Rs 500/Rs 1,000 notes has been accomplished and now there is sufficient number of currency notes in circulation.Based on the need Rs 500 banknote will be printed, he added.According to him, even earlier many shops and others were reluctant to accept Rs 2,000 notes. He also said the security features of the Rs 2,000 note have not been breached.