Stating that the withdrawal of Rs 2,000 denomination banknotes is part of currency management, Reserve Bank of India (RBI) Governor Shaktikanta Das said they expect most of the notes to return to the banking system. Das said the withdrawal will have a "marginal impact" on the economy. The RBI governor added that there is enough supply of lower-denomination notes for exchange purposes even after the withdrawal of Rs 2,000 notes. "We have more than adequate quantity of notes available, already printed, in the system. Not just with the RBI but also with currency chests with the banks," he said. When asked if the Rs 1,000 note will be re-introduced, he said there is no such proposal as of now. He underlined that the Rs 2,000 note will continue to be legal tender and with people having a four-month window to deposit the notes, there is no reason to rush to banks immediately. Das pointed out that the September 30 deadline has been announced so that people take it seriously. "If we keep it open-ended, it may not be taken seriously… This is part of RBI's currency management operations." The RBI on Friday announced the withdrawal of Rs 2,000 banknotes, with a September 30 deadline for people to deposit and exchange these notes. The RBI governor said existing rules for cash-to-cash exchange transactions or cash deposits will continue to remain as it is. "These 2,000 notes were primarily issued to quickly replenish the system (after demonetisation), that purpose has been met," he said. "RBI will be sensitive to the requirements and adequacies of people, there may be people outside India who may require time to exchange, we will look into all the issues and resolve them," Das added. On the security features of the notes, the governor said none of them has been breached in the "new Mahatma Gandhi series notes".
