“No Reason To Rush To Banks”: RBI’s Assurance On ₹2,000 Note

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No one should rush to return or exchange their Rs 2,000 notes, Reserve Bank of India (RBI) governor Shaktikanta Das said today, a day before people start approaching banks to give up the high value notes. He also asserted that even after September 30, the notes would continue to be legal.”There is no reason to rush to banks now. You have four months, till September 30,” the RBI Governor said.Mr Das said the deadline had been given mainly so people would take it seriously and make an effort to return the notes.”Rs 2000 bank notes were introduced primarily to replenish the notes withdrawn following demonstration,” the RBI chief added.According to him, banks have been advised to make necessary arrangements for the exchange of Rs 2,000 bank notes from tomorrow. He said adequate stocks of currency notes were available and “we have more than the required notes already available, already printed”.The government announced on Friday that the notes would be withdrawn from circulation but gave people time till September 30 to either deposit these notes in their accounts or exchange them at banks.Later, the State Bank of India clarified that people would be allowed to exchange the notes without any form or requisition slip. No identity proof will be required. Also, people can exchange ₹ 2,000 rupee notes up to ₹ 20,000 any number of times in a day.On how the government would monitor black money if no IDs were required to exchange or return the Rs 2,000 notes, Mr Das said: “We have asked banks to follow their existing procedure. We have not asked them to do anything differently.”To a question on whether large cash deposits would be scrutinized, Mr Das said: “RBI never scrutinises deposits in banks. The Income Tax departments do that. Banks have a reporting system, and they will take care of this.”The RBI chief denied that the notes were being withdrawn as they were easily counterfeited. The 2,000-rupee notes were introduced for remonetisation, he said, and the security features of these notes had not been breached. High value notes, he added, were prone to getting cloned.