RBI Governor Shaktikanta DasImage Credit source: Reuters
The Reserve Bank of India has decided to withdraw Rs 2000 notes from circulation soon. It has started from today and people have been given time till September 30 to exchange the notes. However, if all the 2000 notes do not come by September 30, then RBI can take a big step.
RBI issued a notification to close the 2000 rupee note on Friday last week. However, it is different from the demonetisation of 2016 as the legal tender of Rs 2000 note still remains. The central bank has advised people to avoid panic and haste, as a time of 4 months has been given to exchange the notes.
If you can’t change 2000 notes then?
It has been said in media reports that if the 2000 rupee notes to be closed reach the RBI in the right quantity, then it will not need to take any drastic steps. Nor will these notes have to be declared ‘illegal’. This will benefit those people who are currently abroad. At the same time, those people will also be helped who could not exchange or deposit currency worth Rs 2000 in these 4 months due to any valid reason.
RBI can take tough steps
It has been said in the report that if the 2000 rupee notes do not reach back to the RBI as expected, then it can take the stance of tightening the rules. So that the note of 2000 rupees can be taken out of circulation. These strict rules will apply to both those who have 2000 rupee notes or those who have received them in any transaction but have not exchanged them from the bank.
However, RBI Governor Shaktikanta Das is hopeful that most of the Rs 2000 notes will be back in the system by September 30. He said that as the date of September 30 starts coming closer, then a decision will be taken according to the situation. However, their legal tender will still remain.
The printing of these notes has been stopped from the year 2018-19. At the same time, only Rs 2000 notes worth Rs 3.62 lakh are left in the market, which were worth Rs 6.73 lakh till March 31, 2018. At present only 10.8 percent of the total circulation money in the country is 2000 rupee notes.