Express News Service
MUMBAI: A day sooner than the Reserve Bank of India opens the window for change of Rs 2,000 denomination foreign exchange notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a model new Rs 1,000 foreign exchange observe being inside the works. “There’s no such proposal right now,” he instructed reporters proper right here on Monday in his first media interaction after the selection to withdraw the easiest denomination observe from circulation remaining Friday.
As the window for purchasers to alter Rs 2,000 notes of their possession will start on Tuesday, Das talked about there is not a should panic. Urging most of the people to not rush to banks, he talked about enough time has been given to alter the notes. He reiterated the notes will keep licensed tender (legit for transaction).
The RBI governor’s suggestions acquired right here after research talked about people and corporations have stopped accepting Rs 2,000 notes as a mode of value.
“Let me clarify and re-emphasise 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,” he talked about, together with: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”
He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of various notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he talked about.
RBI has urged most of the people to alter or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.
The have an effect on of the withdrawal on the financial system will in all probability be “very very marginal”, he talked about, together with Rs 2,000 foreign exchange notes made up for merely 10.8% of the total foreign exchange in circulation. While the withdrawn Rs 2,000 rupee notes can each be deposited in monetary establishment accounts or exchanged for various denomination notes, banks have been urged to make compulsory preparations for change.
MUMBAI: A day sooner than the Reserve Bank of India opens the window for change of Rs 2,000 denomination foreign exchange notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a model new Rs 1,000 foreign exchange observe being inside the works. “There’s no such proposal right now,” he instructed reporters proper right here on Monday in his first media interaction after the selection to withdraw the easiest denomination observe from circulation remaining Friday.
As the window for purchasers to alter Rs 2,000 notes of their possession will start on Tuesday, Das talked about there is not a should panic. Urging most of the people to not rush to banks, he talked about enough time has been given to alter the notes. He reiterated the notes will keep licensed tender (legit for transaction).
The RBI governor’s suggestions acquired right here after research talked about people and corporations have stopped accepting Rs 2,000 notes as a mode of value.
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“Let me clarify and re-emphasise 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,” he talked about, together with: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”
He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of various notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he talked about.
RBI has urged most of the people to alter or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.
The have an effect on of the withdrawal on the financial system will in all probability be “very very marginal”, he talked about, together with Rs 2,000 foreign exchange notes made up for merely 10.8% of the total foreign exchange in circulation. While the withdrawn Rs 2,000 rupee notes can each be deposited in monetary establishment accounts or exchanged for various denomination notes, banks have been urged to make compulsory preparations for change.
