NEW DELHI: Following Friday’s announcement, RBI Chief Shaktikanta Das urged people not to rush to return or exchange their Rs 2000 notes as the counters will begin accepting them from tomorrow onwards.
Addressing the press conference, RBI Governor Shaktikanta Das on Monday said that the purpose of printing Rs 2,000 notes has been fulfilled. “Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 notes,” he said. He reiterated that this is not a demonetization and that Rs 2000 notes would remain legal tender.
He further added, “There is no need to rush to banks now. You have four months till September 30th”. He asserted that the deadline was given so that people take the announcement seriously and make efforts to return the notes.
Besides, RBI advised banks to provide shade from the sun and water to customers waiting to exchange their notes. The advice stemmed from the allegations of customers dying while waiting in queues in 2016.
“Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season,” RBI said in a notification on Monday.
With the reprisal of demonetization, experts predict that bank deposits may inch higher by as much as Rs 2 lakh crore.
As of March-end 2023, Rs 2,000 notes in circulation constituted Rs 3.62 lakh crore or 10.8% of notes in circulation vs Rs 6.73 lakh crore at its peak in March 2018.