RBI Governor Shaktikanta Das busts 12 myths about Rs 2000 note withdrawal; Read HERE

Days after the Reserve Bank of India (RBI) decision to withdraw Rs 2,000 currency notes from circulation, Governor Shaktikanta Das on Monday busted myths that have been doing rounds in connection with the issue. 

The RBI Governor reiterated Rs 2000 notes will continue to be a legal lender. He also stated that there is no need to panic as he doesn't expect a rush in the branches and urged people to not rush to banks. From detailing the reason behind the withdrawal to elaborating on the given deadline and process after that. Here What RBI Governor Shaktikanta Das said,

RBI Governor busts myths about Rs 2000 note withdrawal

1. The move is a part of the currency management operations of the Reserve Bank of India.
2. RBI has been following a clean note policy--where notes of a particular series are withdrawn and fresh ones are issued from time to time. 
3. Rs 2000 notes have been withdrawn from circulation but they continue as legal tender.
4. The primary purpose of  Rs 2000 notes was quickly replenishing the currency the value of money which was being taken out from the system when the legal tender status of then-prevailing Rs 1000 and Rs 500 notes was withdrawn.
5. The purpose of the notes has now been fulfilled and there are enough notes in circulation, of other denominations. 
6. Even the circulation of Rs 2000 notes has come down from its peak of 6 lahks 73,000 crores to about 3 lahks 62,000 crores. Therefore, the printing also has been stopped as the notes have completed their life cycle.
7.  As a part of RBI's clean note policy, it has been withdrawn and it should be seen as the currency management operation of RBI
8. The time is given up to September 30 (for exchange of notes) so that the announcement is taken seriously, otherwise, if you leave it open-ended, it become kind of an endless process.
9. The bank has been advised to make necessary arrangements to carry out the process patiently
10. There is no rush for the citizens to rush to the bank in order to exchange the notes as 4 months duration has been provided
11. RBI's expectation is that most of the Rs 2000 notes come back By Sept 30. After analysing the number further decision will be taken at that stage.
12. I assure each and every citizen of India or staying abroad, we will be sensitive in connection with the difficulties faced by you. Whatever representations and challenges will come to the fore, it will be RBI's endeavour to address them and ensure completion of the entire process smoothly. There should be no panic.