The statement by Reserve Bank of India Governor Shaktikanta Das addresses the concerns and speculation surrounding the withdrawal of Rs 2000 notes in India. Governor Das reassures the public that there is no need to worry about the move, as the central bank has more than enough notes of other denominations available to maintain the overall money supply.
He emphasizes that there is an ample quantity of printed notes already available in the system, both with the Reserve Bank of India and in the currency chests operated by banks. This ensures that there is an adequate stock of currency notes to meet the needs of the public.
Regarding the deadline for the exchange of Rs 2000 notes, which is set for September 30, Governor Das explains that this timeframe was established to ensure that the process is taken seriously and does not become an endless process. By setting a deadline, it encourages people to exchange their Rs 2000 notes within a reasonable timeframe.
Furthermore, Governor Das highlights the original purpose of introducing Rs 2000 notes. They were primarily issued during the demonetization period to quickly replenish the value of money that was being taken out of the system when the previous Rs 1000 and Rs 500 notes were withdrawn. He states that this objective has been fulfilled, and there are currently enough notes of other denominations in circulation to meet the requirements of the economy.
In summary, Governor Das’s statement aims to assure the public that the withdrawal of Rs 2000 notes will not create any strain on the money supply. The central bank has sufficient quantities of other denominations, and the deadline for the exchange of the notes is in place to ensure a smooth and focused process.
