RBI Governor Shaktikanta Das Says Stores Cannot Reject Rs 2k Notes

NEW DELHI: Shaktikanta Das, governor of the Reserve Bank of India, stated that the Rs. 2,000 note remains legal tender and that businesses cannot refuse them.

According to Das, no one can refuse the Rs 2,000 notes as instructed by the central bank before. "We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender," Das added.

Customers shouldn't panic, he continued, as there is still time to exchange these notes. By September 30, 2023, the RBI has requested that all Rs 2,000 notes be exchanged or deposited.

The country's banks have been urged to make the appropriate preparations to allow the exchange of the Rs 2,000 notes that have been taken out of circulation, according to Das. He continued by saying that banks must take action to ensure a smooth procedure.

"We have given a deadline of September so that the process will be taken seriously. We can't leave it open-ended," said the RBI governor.

"Let me clarify and re-emphasize 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. From time to time, the RBI withdraws notes of a particular series and issues fresh notes," Shaktikanta Das said.

The then-current Rs 1,000 and old Rs 500 notes were no longer recognised as legal cash, and the RBI Governor reaffirmed that the Rs 2,000 notes were primarily produced to "quickly replenish the value of money which was being taken out of the system."

The RBI announced on Friday that it would stop printing new Rs 2,000 notes, but they would still be accepted as legal cash. Till September 30, 2023, the RBI advised the general public to deposit or swap their Rs 2,000 notes at banks.

According to Shaktikanta Das, the governor of the Reserve Bank of India, the majority of the outstanding Rs. 2 000 banknotes would be returned to the banks by September 30, which is the deadline for depositing or exchanging these notes.

He told reporters on Monday that the majority of the Rs. 2,000 notes would be returned to banks by September 30, 2023, and he also advised people not to rush to the banks to deposit or exchange money.

There are around 181 crore notes in circulation with a value of Rs. 2 000, according to the RBI.

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