Mic
Monday, 27 Oct 2025
Mid-Day GujaratiInquilabMid-Day Hindi
Mid-Day
Logo
Home

Home

Photos

Photos

E-Paper

E-Paper

Video

Videos

Shots

Shots

Mumbai Lake LevelMumbai Lake Level

Home / News / India News / Photos / In Photos: Entire process of Rs 2000 notes withdrawal to be non-disruptive

In Photos: Entire process of Rs 2000 notes withdrawal to be non-disruptive

Updated On: 24 May, 2023 04:14 PM IST | Editor

Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. All pictures: PTI

  • WhatsApp
  • Twitter
  • WhatsApp
Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. All pictures: PTI

1/6

Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. All pictures: PTI

The exchange or deposit window is available until September 30, 2023. He said that RBI has given four-month time for exchanging as well as depositing the Rs 2,000 currency notes to ensure that there is no hardship faced by anyone.

2/6

The exchange or deposit window is available until September 30, 2023. He said that RBI has given four-month time for exchanging as well as depositing the Rs 2,000 currency notes to ensure that there is no hardship faced by anyone.

"Yesterday there was no crowd anywhere. And we are monitoring the situation regularly. I don`t think there is any concern or any major issue which is coming out...business activities going on," he said. Justifying the deadline, he said unless there is a timeline in any process, it`s not effective. "So you need to give a timeline and we have given sufficient time," he added.

3/6

"Yesterday there was no crowd anywhere. And we are monitoring the situation regularly. I don`t think there is any concern or any major issue which is coming out...business activities going on," he said. Justifying the deadline, he said unless there is a timeline in any process, it`s not effective. "So you need to give a timeline and we have given sufficient time," he added.

Replying to questions at an event organised by industry body CII, Governor Das said the entire process of withdrawal of the high-denomination currency will be non-disruptive. "The entire process will be non-disruptive. We have made our analysis about that," the Governor said.

4/6

Replying to questions at an event organised by industry body CII, Governor Das said the entire process of withdrawal of the high-denomination currency will be non-disruptive. "The entire process will be non-disruptive. We have made our analysis about that," the Governor said.

The Rs 2000 notes constitute around 10.8 per cent of total currency in circulation or Rs 3.6 lakh crore. Das said these notes had completed the lifecycle and the purpose has been fulfilled. "It`s not being used in transactions...any high denomination currency just remaining here and there, it has other collateral issues," he said.

5/6

The Rs 2000 notes constitute around 10.8 per cent of total currency in circulation or Rs 3.6 lakh crore. Das said these notes had completed the lifecycle and the purpose has been fulfilled. "It`s not being used in transactions...any high denomination currency just remaining here and there, it has other collateral issues," he said.

These high denomination notes were used for quick replacement of currencies whose legal tender status was withdrawn in 2016, he said. In a surprise move, the government in 2016 had junked 86 per cent of the currency in circulation by making Rs 500 and Rs 1,000 notes illegal. The fate of Rs 2,000 currency note was sealed even before it was introduced and it had to make its way out as soon as possible and the process of reducing the circulation of Rs 2,000 notes for its eventual phase-out started soon after demonetisation.

6/6

These high denomination notes were used for quick replacement of currencies whose legal tender status was withdrawn in 2016, he said. In a surprise move, the government in 2016 had junked 86 per cent of the currency in circulation by making Rs 500 and Rs 1,000 notes illegal. The fate of Rs 2,000 currency note was sealed even before it was introduced and it had to make its way out as soon as possible and the process of reducing the circulation of Rs 2,000 notes for its eventual phase-out started soon after demonetisation.

Tags

Photo of Day

High tidal waves in Mumbai delay Lalbaugcha Raja`s visarjan

High tidal waves in Mumbai delay Lalbaugcha Raja`s visarjan

The iconic Lalbaugcha Raja idol was shifted onto a raft on Sunday afternoon after delays since morning due to high tide and technical challenges, with final immersion, delayed by several hours, expected to take place around 11 pm, officials said.

Advertisement