Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said the withdrawal of ₹2,000 note will not be disruptive and that business activities are quite normal.
“The entire process will be non-disruptive. We have made our analysis about that,” Das said while responding to a question during the plenary session of the CII annual session. As on March 31, 2023, the share of ₹2,000 notes in total value was a little over 10 per cent.
Why did the RBI withdraw ₹2,000 notes?
Das assured India Inc that the central bank is monitoring the overall borrowing. “Yesterday (Tuesday) there was no crowd anywhere. And we are monitoring the situation regularly. I don’t think there is any concern or any major issue which is coming out. Business activities are going on,” he said.
“It’s (the notes) not being used in transactions. Any high denomination currency... just remaining here and there... has other collateral issues,” said Das while emphasising that these notes were used for quick replacement of currencies whose legal tender status was withdrawn in 2016.