There is an enough number of currency notes in the Indian economy for the general public to exchange their bank notes of 2,000 denomination which will be withdrawn after Sept. 30, a senior Indian bank official said on Monday.
In response to whether there was any possibility of re-issuing the currency notes of 1,000 denomination, Governor of the Reserve Bank of India Shaktikanta Das said it’s a mere speculation.
Currency notes of 500 and 1,000 denominations were withdrawn from circulation in November 2016, and instead the 2,000 denomination bank notes were introduced.
“We have more than an adequate quantity of printed notes already available in the system,” Das told reporters.
On the Sept. 30 deadline for the exchange of the 2,000 denomination notes, he said a date was decided so that people take the process seriously and it does not become endless.
In a notification issued last week, the RBI announced that 2,000 denomination bank notes would be withdrawn after Sept. 30, and that people can get those notes exchanged at banks across the country with currency notes of other denominations.