Governor Shaktikanta Das of the Reserve Bank of India stated on Monday that there is no need to hurry to the banks to exchange 2,000 as the deadline of September 30 is still four months away and the Reserve Bank of India will be sensitive to any issues that may arise during the process. The decision to withdraw 2,000 from circulation is part of the Reserve Bank’s currency management operations and is in accordance with its clean note policy, Das said, adding that the deadline is merely to streamline the process and that the RBI will be sensitive to any issues that may arise. The majority of the 2,000 notes currently in circulation will be returned to the RBI by September 30, according to Das. As there is already a stampede at gas stations to exchange 2,000 notes, the governor of the Reserve Bank of India stated that the system has an ample supply of other denominations. The exchange of 2,000 banknotes will commence tomorrow.

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