RBI Governor Shares Key Insights on the Return of 1000 Rupee Old Notes Comeback

The Reserve Bank of India (RBI) has recently announced its decision to phase out the 2000 rupee note.

Following this move, concerns have emerged regarding the re-introduction of the 1000 rupee note by the Central Government.

However, RBI Governor Shaktikant Das clarified that there are no current plans to bring back the 1000 rupee note, dispelling speculations.

In 2016, the 1000 rupee note was discontinued as part of a demonetization exercise implemented by the government. This decision caused significant inconvenience to the public.

Subsequently, the government introduced the 2000 rupee note, but it has now been deemed necessary to withdraw it from circulation.

According to the RBI, the introduction of the 2000 rupee note served its intended purpose at the time.

Currently, there is an adequate supply of other denomination notes in the system, and the need for the 2000 rupee note has been fulfilled.

Consequently, its printing was discontinued in 2018-19.

Governor Shaktikant Das assured the public that there is no cause for alarm regarding the replacement of the 2000 rupee note.

He advised against rushing to banks and emphasized that individuals have four months to exchange these notes until September 30.

Das also stated that the impact of discontinuing the 2000 rupee note on the economy would be minimal, as it only represents 10.8% of the total currency in circulation.

The RBI expects that the majority of the 2000 rupee notes will be returned by the September 30 deadline.

Das reassured that there is sufficient cash in the system, including currency reserves held by banks.

The central bank is committed to addressing any potential issues faced by the public and will introduce necessary regulations if required.

In response to these developments, senior Congress leader P. Chidambaram criticized the government.

suggesting that the reissuance of the 1000 rupee note would not come as a surprise once the 2000 rupee note is phased out.

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