RBI Governor gives update on reintroduction of ₹1000 Notes
RBI Governor Shaktikanta Das has assured the public that there is no need to worry about the withdrawal of ₹2000 notes, as they will still be accepted as legal tender.
He mentioned that the central bank has an abundant supply of other denominations of currency notes.
Some people have been wondering if the ₹1000 notes will make a comeback after the withdrawal of ₹2000 notes.
Governor Shaktikanta Das addressed this question, stating that there are currently no plans to introduce new ₹1000 notes.
On November 8, 2016, the Indian government, under Prime Minister Narendra Modi, invalidated the ₹500 and ₹1000 notes.
There has been speculation that withdrawing the ₹2000 notes may impact the overall money supply. However, Governor Das reassured reporters that there is more than enough quantity of notes already printed and available in the system.
These notes are not only with the Reserve Bank of India but also with the banks’ currency chests. Therefore, there is sufficient stock available, and there is no reason to be concerned.
Governor Das also explained that the September 30 deadline for the exchange of ₹2000 notes was set to ensure that people take the process seriously and that it does not become an endless endeavor.
The ₹2000 notes were initially introduced to quickly restore the value of money in the system when the ₹1000 and ₹500 notes were demonetized.
Governor Das stated that this objective has been achieved, and there are now an ample number of other denominations of currency notes in circulation.
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