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A few years back, the Indian government announced a shocking decision to demonetisation of existing currency notes. New notes were introduced in the place of old ones. The decision was taken back in 2016. It took a few years for the market to stabilize as the old notes were canceled at once.
Earlier this week, the Reserve Bank of India (RBI) announced an unexpected decision of withdrawing the Rs 2000 denomination banknotes from circulation. Saying that the notes will continue as legal tender, the big notes will be withdrawn from circulation said the Reserve Bank of India (RBI). A time limit of four months was given to people to change the notes they have.
The opposition parties are lashing out at the ruling party for the decision and are asking why the govt took the decision when there is no data on what goals the demonetisation had achieved. The opposition leaders are also raising doubt on whether the new decision was to cover the old mistake. The decision is receiving mixed reactions over the decision to withdraw the big notes.
Amid this, the Governor of the Reserve Bank of India Shaktikanta Das held a press meet to answer the doubts about the decision. He gave a reason behind the decision and said that as the motives are met the big notes are withdrawn.
"The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system via demonetisation. As that purpose has been fulfilled, and there are enough notes of other denominations now, the decision was taken to withdraw these notes, the RBI Governor said.
Adding further, the RBI Governor said that there is no need for people to rush to the banks to exchange notes and take other denomination notes as there is a time of four months to do so. He also rubbished the rumors and doubts about the new note ban impacting the country's economy.
"I do not expect a rush to bank branches. There is no reason to rush to banks. There is time for 4 months," RBI governor Shaktikanta Das added.