During a Confederation of Indian Industry (CII) event, Reserve Bank of India Governor Shaktikanta Das stated that the purpose of the Rs 2,000 banknotes had fulfilled, leading to their withdrawal.
He further mentioned that the decision to withdraw the high-denomination banknotes was based on informal surveys indicating their limited usage.
After addressing the plenary session of the CII’s annual session on Wednesday. Governor Das informed the gathering of industry executives.
They took the view that the Rs 2,000 banknote has not used in transactions. Based on their informal surveys, they discovered that the note has not commonly used.
RBI Governor Das, at the CII event, said that the Rs 2,000 note introduced primarily to replenish the system with the value of the currency whose legal tender status has withdrawn.
Das’ comment was similar to what RBI had said in its announcement to withdraw the Rs 2,000 banknotes.
The RBI said that the high-denomination banknotes of Rs 2,000 introduced in November 2016. Thus following the demonetisation of Rs 500 and Rs 1,000 notes.
Speaking about the deadline of September 30 that the central bank set up for people to exchange. Or deposit their Rs 2,000 banknotes, Governor Das said that unless there is a timeline, it will not be effective.