Mumbai: RBI Governor Shaktikanta Das on Monday said there is no need to rush to the banks to exchange Rs 2,000 as the deadline of September 30 is still four months away and the Reserve Bank of India will be sensitive to all issues cropping up in the process, if any. The decision to withdraw Rs 2,000 from circulation is part of the currency management operations of the Reserve Bank and is in tune with the clean note policy, Das said adding that the deadline is only to streamline the process while the RBI will be sensitive to all kinds of issues arising. Most of the Rs 2,000 notes in circulation now will come back to the RBI by September 30, Das said. As there is already a rush in the petrol pumps to exchange Rs 2,000 notes, the RBI governor said there is more than adequate stock of other denominations in the system. The exchange of Rs 2,000 notes at banks will begin from tomorrow.
“Unless you give a particular time, the process will not reach the stage of finality and you have to give a time so that the announcement is taken seriously. The banks have been advised to make necessary arrangements to ensure that people don’t have to stand in this scorching heat,” Das said.
“Take your time. The process is starting tomorrow but you don’t have to go tomorrow,” Das said.
Shaktikanta Das hinted at a possible extension of the September 30 deadline as he said he is aware that many people are abroad and they may not be able to exchange or deposit their Rs 2,000 notes within the deadline. “We will address this issue and see what can be done,” Das said.
