New Delhi: In response to growing speculation surrounding the withdrawal of the 500 rupee note following the discontinuation of the 2000 rupee note, RBI Governor Shaktikanta Das has clarified the central bank’s stance.
During a press conference held after the announcement of the RBI’s Monetary Policy Committee decision, Governor Das dismissed rumors of the withdrawal of the 500 rupee note and the introduction of a new 1000 rupee note.
The withdrawal of the 2000 rupee note, which was announced on May 19, 2023, has sparked concerns among the public about the fate of other denominations.
Addressing these concerns, Governor Das emphasized that there are no immediate plans to withdraw the 500 rupee note or introduce a new 1000 rupee note.
He urged the public to disregard any baseless rumors circulating on social media and advised against paying attention to such speculation.
In an effort to manage the phased withdrawal effectively, the RBI provided a four-month window, from May 23 to September 30, 2023, for individuals to exchange or deposit their 2000 rupee notes.
The central bank emphasized the importance of completing the process in a timely manner to avoid overcrowding and inconvenience at banks during the exchange period.
During the press conference, Governor Das also provided an update on the return of the 2000 rupee notes to banks. As of March 31, 2023, a total of 3.62 lakh crore rupees’ worth of 2000 rupee notes were in circulation.
Since the withdrawal announcement, approximately 50% of these notes, equivalent to 1.80 lakh crore rupees, have been returned to banks.
Notably, 85% of the returned notes were deposited, highlighting the effectiveness of the exchange process thus far.
Governor Das assured the public that the RBI will continue to monitor the situation closely and take appropriate measures as necessary.
He reiterated the importance of staying informed through reliable sources and encouraged individuals to follow the official guidelines provided by the RBI regarding the exchange and deposit of banknotes.
