NEW DELHI: RBI governor Shaktikanta Das on Monday said there was no proposal to introduce Rs 1,000 notes and insisted that the decision to withdraw the high-value notes was part of the RBI’s clean note policy and the purpose of remonetisation, following the 2016 demonetisation, has been achieved. Das also said that the security features of the Mahatama Gandhi series notes had not been breached despite it being vulnerable to attempts to clone it.
Amid concerns over the withdrawal of the Rs 2,000 notes, he said the decision will have a “very marginal impact” on the economy as the share of Rs 2,000 notes was just over 10% of the notes in circulation and they were not used extensively in transactions.
“Indian currency management system is very robust. Our exchange rate, against the dollar, is among the least volatile amongst our peer countries,” the governor said.
Das reiterated that usual cash deposit rules have to be followed and it was for other agencies to assess deposits. The central bank chief said that based on demand trends, most banks have modified their ATMs and there aren’t too many giving out Rs 2,000 notes.
He also said that there was “more than sufficient stock” of notes of other denominations available with banks and RBI, which can be used to replenish the stock of Rs 2,000 notes that get sucked out. “So far, as liquidity in the system is concerned RBI monitors liquidity in the system and we respond to it,” Das said.
