‘Speculative’ says RBI Governor Shaktikanta Das on ₹1,000 notes coming back
Since the withdrawal of 2000 rupee notes, can the return of 1000 rupee notes in the market? RBI Governor Shaktikanta Das faced questions about this. The RBI Governor said on Monday that although the ₹2,000 notes have been withdrawn, there are no plans to introduce new ₹1,000 notes
PremiumNoting that there is no reason for worry over the move to withdraw ₹2000 notes, which continue as legal tender, Reserve Bank of India Governor Shaktikanta Das has said the central bank has "more than adequate" notes of other denominations available.
Since the withdrawal of 2000 rupee notes, can the return of 1000 rupee notes in the market? RBI Governor Shaktikanta Das faced questions about this. The RBI Governor said on Monday that although the ₹2,000 notes have been withdrawn, there are no plans to introduce new ₹1,000 notes.
On November 8, 2016, the Narendra Modi government cancelled the notes of 500 rupees and 1000 rupees.
There has been some speculation that the decision to withdraw ₹2000 note may put a strain on the overall money supply.
"Let me assure you, we have more than an adequate quantity of notes available, already printed. We have more than an adequate quantity of printed notes already available in the system - not just with the RBI but also at the currency chests which are operated by the banks. So, there is adequate stock available and there is no reason to worry," Das told reporters here.
Speaking about the September 30 deadline exchange of ₹2000 notes, he said a date was decided so that people take the process seriously and it does not become endless.
"...Time is given up to September 30 (for exchange of notes) so that it is taken seriously, otherwise, if you leave it open-ended, it becomes a kind of an endless process," Das said in the interaction with the media.
Currency notes of ₹2000 denomination 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which was being taken out from the system when the legal tender status of then-prevailing ₹1000 and ₹500 notes was withdrawn during demonetisation.
"That purpose has been fulfilled. Today there are enough notes in circulation of other denominations," he said.
*With Agency Inputs
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