Seeking to allay concerns about the legal tender status of ₹2,000 currency notes after the September 30 deadline for their exchange or deposit, Reserve Bank of India Governor Shaktikanta Das stressed on May 22 there is no need to rush to the banks and signalled the last date is only meant to nudge people to return the notes soon.
Speaking in the capital, Mr. Das said a time limit had been specified along with the May 19 decision to withdraw the ₹2,000 notes from circulation just to ensure that the “announcement is taken seriously” and assured that there were adequate currency stocks with the banking system to replace these notes.
While banks have been advised to make suitable arrangements for people to exchange their ₹2,000 notes, Mr. Das indicated he did not expect the kind of rush in bank branches that was seen in 2016 after the previous ₹500 and ₹1,000 currencies were scrapped.
