On November 8 2016, the central authorities introduced that outdated foreign money notes of Rs 500 and Rs 1000 can be demonetised beginning at midnight. Though new Rs 500n notes had been launched available in the market, Rs 1000 notes had been accomplished away with and changed by Rs 2000 notes. After six and a half years, the Reserve Financial institution of India (RBI) has introduced the withdrawal of Rs 2000 notes.
Shaktikanta Das, governor of the RBI, acknowledged on Monday that there was no must hurry to the banks to swap 2,000 as there are nonetheless 4 months until the deadline of September 30 and the Reserve Financial institution of India will take into account any issues which will come up all through the method, if any. In line with Das, the choice to take away 2,000 from circulation is part of the Reserve Financial institution’s foreign money administration operations and is according to the clear notice coverage. Das added that the deadline is simply there to hurry up the method; the RBI will likely be delicate to any considerations which will come up.
Responding to speculations that this withdrawal could signify that Rs 1000 notes could make their manner again to the market, Shaktikanta Das has denied them saying that there are not any plans to re-introduce Rs 1000 notes. By September 30, many of the present 2,000-note provide will likely be returned to the RBI, based on Das. The RBI governor claimed that there’s greater than sufficient provide of different denominations within the system as a result of there may be already a queue on the petrol stations to swap 2000 notes.
Shaktikanta Das hinted that the September 30 deadline could also be prolonged, noting that he’s conscious that many Indians are residing overseas and may not have the ability to trade or deposit their 2,000 notes by that date. The RBI has additionally requested banks to put in infrastructure like a cool shaded ready house for individuals trying to trade their notes together with ingesting water services within the scorching warmth.