New Delhi: Reserve Bank of India (RBI) Governor Shaktikant Das said regarding the withdrawal of Rs 2000 note that it is being done under the ‘Clean Note Policy’. He said in a statement on Monday, “Let me tell you once again that this is part of the currency management system of the Reserve Bank.” He told that the Reserve Bank is following the clean note policy. From time to time, RBI takes out notes of any one series and issues new notes in its place.
The Governor said that under Section 27 of the RBI Act, the Reserve Bank cannot issue such notes which are in very bad condition. He said, “Under this section, the Reserve Bank has been following the clean note policy for a very long time. Therefore, from time to time, the Reserve Bank issues notes of a particular series by taking them out of circulation and issuing new notes in their place. He said that even in the general banking system, the notes which get spoiled are returned and fresh notes are issued in its place.
It’s happened before
The RBI governor told that this has been done earlier also. He said, “Similarly in 2013-14 those notes which were printed before 2005 were put out of circulation. Even at that time, people were advised to come to the bank to exchange the notes. Similarly, this time 2000 rupee notes are being taken out of circulation but they will not be invalid.
Bank makes concrete arrangements
On the other hand, RBI issued some instructions on Monday addressing all the banks. RBI has told the banks that from May 23, the facility of currency exchange should be available at all counters in the bank. It should be done in the same way as it was done earlier. Apart from this, the bank should arrange a shady place for the people to sit or stand and in view of the heat, make arrangements for drinking water.
SBI’s circular
Earlier, SBI had issued a circular telling all its branches that no ID or form would be required to exchange 10 notes of Rs 2000 in one go. Common people can change up to Rs 20,000 without any paperwork by coming to the bank.
