In response, Das said the RBI had no plans to reintroduce Rs 1,000 banknotes. The Governor called such a report “speculative”.
The 1,000 rupee note, along with the then 500 rupee note, had become legal tender in the 2016 demonetization.
Today’s briefing was the RBI Governor’s first official interaction with the press since the sudden announcement of the withdrawal of the Rs 2,000 notes from circulation.
Das said the Rs 2,000 notes have long served their purpose of remonetizing the system in the wake of demonetization. The printing of these notes was also discontinued in 2018-2019, he noted.
Das said no one needed to rush to return or exchange the Rs 2,000 notes in his possession. “There’s no reason to rush to the banks. You have four months, until September 30,” the governor said.
Banks have already been instructed to facilitate the ticket exchange/return process by providing “appropriate infrastructure at branches such as shaded waiting areas, drinking water facilities, etc. in view of the season summer,” RBI said in a notification. It is worth recalling here that during the demonetization of 2016, huge queues had formed in banks as people rushed to have their old banknotes deposited.
There was even news of people who had died while waiting in the queues.