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Introduction of Rs 1000 notes: Here’s what RBI Governor says

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RBI Governor Shakti Kant Das spoke to the media for the first time after announcing the withdrawal of Rs 2,000 notes. On this occasion, he answered many questions to the media. 

When asked by media persons whether he would introduce Rs 1000 notes in the backdrop of the withdrawal of Rs 2000 notes, he said that he had no intention or idea to create and issue Rs 1000 notes. He clarified that the reports of introduction of Rs 1000 notes are all speculations and there is no such proposal. He has also clarified many things regarding the return of Rs 2000 notes.

Das explained that demonetisation is a part of RBI’s routine currency management measures and RBI has been implementing clean note policy since long. He said the 2000 notes were worth only 10.8 percent of the current currency, and the RBI’s current decision would have little impact on the country’s financial system.

Rs 2,000 note was introduced by the RBI in November 2016. Primarily after demonetisation, the Rs 2000 note was introduced to meet the rapid demand for currency in the economy.

RBI Governor said that after the demonetisation of Rs 1,000 and Rs 500 notes in 2016, there was a sudden shortage of notes in the market. The purpose for which the Rs 2000 note was introduced has been fulfilled and hence they are being withdrawn.

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