Will ₹1,000 Currency Notes Make a Comeback? RBI Governor Shaktikanta Das Breaks Silence

New Delhi: Reserve Bank of India (RBI) governor Shaktikanta Das clarified on Monday that there are no current plans to reintroduce Rs 1,000 currency notes, allaying concerns among the public. During a media address regarding the RBI's decision to withdraw Rs 2000 denomination notes, Das stated that the impact of this move on the economy would be "very very marginal," as these notes constitute only 10.8% of the currency in circulation.

When questioned about the potential reintroduction of Rs 1,000 currency notes, Das responded with "that's speculative," indicating that there are no concrete plans or intentions to reintroduce them at this time.

The governor emphasized that the current denominations of ₹500 and ₹100 are widely available and easily accessible to the public, addressing any concerns regarding the central bank's ability to manage without the highest-valued currency in India.

Highlighting the sufficient quantity of printed notes already in circulation, the governor emphasized their availability not only at the Reserve Bank of India (RBI) but also at the currency chests maintained by banks.

Governor Das reiterated that ₹2,000 notes will continue to hold their legal tender status despite the central bank's decision to withdraw them from circulation. He also urged the public to refrain from rushing to bank branches, stating that there is no need for hasty visits as ample arrangements have been made.

RBI To Withdraw Rs 2000 Notes From Circulation

Reserve Bank of India (RBI) has announced to withdraw Rs 2,000 currency notes. However, the notes will continue to be legal tender till September 30, says RBI.

RBI Requests Banks To Exchange Rs 2,000 Notes

RBI has requested banks to provide deposit and exchange facility of Rs 2,000 notes until September 30, 2023. In the statement, RBI clarified that exchange facility for Rs 2,000 bank notes would be available from May 23.

Exchange of Rs 2,000 banknotes into other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. Reserve Bank of India has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect though banknotes in Rs 2,000 denomination will continue to be legal tender.