Reserve Bank of India Governor, Shaktikanta Das has said the withdrawal of 2000 rupees bank notes is part of currency management.
He said the RBI has been following a clean note policy for a long time. Mr Das said, from time to time, it withdraws notes of a particular series and issues fresh notes.
Talking to media in New Delhi today, Mr. Das said the 2000 rupees bank notes were introduced primarily to replenish the notes withdrawn following demonetisation and that purpose has been fulfilled and there are enough notes in circulation.
He added that banks have been asked to make necessary arrangements for exchange of 2000 rupees banknotes starting tomorrow.
The RBI Governor expected that most of 2000 bank notes will come back to the exchequer by 30th of September this year.
Mr. Das also clarified that RBI is withdrawing the 2000 rupees notes from circulation but they continue as legal tender. He said the RBI will be sensitive to difficulties faced by people regarding the exchange of bank notes.
The Reserve Bank of India has directed banks to maintain data on a daily basis on the amount of 2000 rupees notes exchanged and the amount that has been deposited into accounts.
The central Bank has added that banks will have to submit the information as and when called for.
In a circular issued today, RBI has said that banks must maintain adequate shaded waiting space and drinking water considering the summer season.
In the circular the RBI has mentioned that the facility of exchange of 2000 rupees banknotes across the counter shall be provided to the public, in the usual manner.