‘Process of Rs 2,000 notes withdrawal will be non-disruptive’

Reserve Bank Governor Shaktikanta Das

Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner.

The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management and permitted the exchange of Rs 2,000 currency notes up to R 20,000 in one go from Tuesday onwards.

The exchange or deposit window is available until September 30, 2023.

He said that RBI has given four-month time for exchanging as well as depositing the Rs 2,000 currency notes to ensure that there is no hardship faced by anyone.
"Yesterday there was no crowd anywhere. And we are monitoring the situation regularly. I don't think there is any concern or any major issue which is coming out...business activities are going on," he said.

Also Read: Not again! say Mumbai citizens after RBI withdraws Rs 2,000 notes

Justifying the deadline, he said unless there is a timeline in any process, it's not effective. "So you need to give a timeline and we have given sufficient time," he added.

Replying to questions at an event organised by industry body CII, Governor Das said, "The entire process will be non-disruptive. We have made our analysis about that. The Rs 2,000 notes constitute around 10.8 per cent of total currency in circulation or Rs 3.6 lakh crore.

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