Withdrawal of Rs. 2000 bank notes is part of currency management: RBI
Reserve Bank of India Governor, Shaktikanta Das has said the withdrawal of 2000 rupees bank notes is part of currency management.
He said the RBI has been following a clean note policy for a long time. Mr Das said, from time to time, it withdraws notes of a particular series and issues fresh notes.
Talking to media in New Delhi today, Mr. Das said the 2000 rupees bank notes were introduced primarily to replenish the notes withdrawn following demonetisation and that purpose has been fulfilled and there are enough notes in circulation.
He added that banks have been asked to make necessary arrangements for exchange of 2000 rupees banknotes starting tomorrow.
The RBI Governor expected that most of 2000 bank notes will come back to the exchequer by 30th of September this year.
Mr. Das also clarified that RBI is withdrawing the 2000 rupees notes from circulation but they continue as legal tender. He said the RBI will be sensitive to difficulties faced by people regarding the exchange of the bank notes.