Will Rs 1,000 notes make a comeback after the Reserve Bank of India (RBI) introduced the discontinuation of Rs 2,000 foreign money notes from the market. Well talking on the matter, RBI Governor Shaktikanta Das has mentioned that the RBI doesn’t have any plans to re-introduce Rs 1,000 notes after its order to withdraw Rs 2,000 denomination from circulation.
The Rs 2,000 foreign money notes have been launched out there after Modi authorities’s demonitisation transfer when Rs 500 and Rs 1,000 foreign money notes have been banned in November 2016.
The RBI Governor mentioned that these are speculative stories as there is no such thing as a such proposal proper now.
The Reserve Bank of India expects many of the excellent Rs 2,000 denomination banknotes to return again to the banks by September 30, the final date for deposit/change of such notes, Shaktikanta Das, the RBI Governor mentioned.
While talking to reporters on Monday, he mentioned that many of the Rs 2,000 be aware shall be again to the banks by September 30, 2023 and likewise urged the folks to not rush to the banks to deposit/change.
According to RBI, there are about 181 crore of Rs 2,000 denomination foreign money notes out in circulation.
On May 19 the RBI mentioned it can withdraw all of the Rs 2,000 banknotes as part of its clear be aware coverage and added that it’ll proceed to be a authorized tender.
According to the RBI, folks could deposit Rs 2,000 banknotes into their financial institution accounts and/or change them into banknotes of different denominations at any financial institution department from May 23 onwards until September 30.
Stating that the aim of coming with the Rs 2,000 notes to replenish void created by demonetisation of Rs 500/Rs 1,000 notes has been achieved and now there’s adequate variety of foreign money notes in circulation.
Based on the necessity Rs 500 banknote shall be printed, he added.
According to him, even earlier many outlets and others have been reluctant to simply accept Rs 2,000 notes. He additionally mentioned the safety features of the Rs 2,000 be aware haven’t been breached.
(With inputs from IANS)
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