Entire process of Rs 2,000 notes withdrawal will be non-disruptive: RBI Governor

Reserve Bank Governor Shaktikanta Das on Wednesday stressed that the entire process of withdrawal of Rs 2000 notes will be non-disruptive, and the Central Bank has been monitoring the situation regularly.

The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management. It has maintained that this wasn’t demonetisation as the 2000 rupee notes continue to be legal tender, meaning they can be used for making payments.

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.

Das also said RBI is monitoring the situation regularly and so far there is no concern or major issue.

The 131-day window to exchange 2000 rupee currency notes opened on Tuesday.

The Rs 2000 notes constitute around 10.8 per cent of total currency in circulation or Rs 3.6 lakh crore. The notes can be exchanged or deposited till September 30, 2023.