The governor of the Reserve Bank of India, Shaktikanta Das said that the Rs 2,000 note remains legal tender and that businesses cannot refuse them. No one can refuse the Rs 2,000 notes as instructed by the RBI before.
Rs 2,000 Notes Continue As Legal Tender
”We are withdrawing the Rs 2000 notes from circulation but they continue as legal tender,” said Shaktikanta Das.
”Customers shouldn’t panic as there is still time to exchange these notes. By September 30, 2023, the RBI has requested that all Rs 2,000 notes be exchanged or deposited,” he added.
It is noted the country’s banks have been urged to make the appropriate preparations to allow the exchange of the Rs 2,000 notes. Das continued by saying that banks must take action to ensure a smooth procedure.
”We have given a deadline of September so that the process will be taken seriously. We can’t leave it open-ended. Let me clarify and re-emphasize that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy. From time to time, the RBI withdraws notes of a particular series and issues fresh notes,” Das continued.
On Friday, the RBI announced that it would stop printing new Rs 2,000 notes, however, they would still be accepted as legal cash. The majority of the outstanding Rs 2 000 notes would be returned to the banks by September 30.
