No plans to withdraw ₹500 notes or reintroduce ₹1,000 notes: RBI

Ever since the ₹2000 notes were withdrawn from circulation, speculation has been rife about RBI withdrawing ₹500 notes or reintroducing ₹1000 notes.

While addressing a briefing post the monetary policy announcment, RBI Governor Shaktikanta Das clarified that there is no such plan.

"RBI not thinking of withdrawing ₹500 notes, or re-introducing notes in ₹1,000 denomination; request public not to speculate," said Das.

Commenting on ₹2000 notes, the RBI governor informed that ₹1.80 lakh cr of ₹2,000 notes, representing nearly half of the outstanding notes in the withdrawn denomination, have been returned.

Governor Das also appealed to people to avoid rushing to deposit notes at the last moment. “I would like to request the public to go to bank branches to deposit or exchange ₹2,000 currency notes at their convenience. There is no reason to rush. Please do not rush in the last 10-15 days of September.”

During the latest credit policy, the repo rate was left unchanged at 6.5% and the withdrawal of accomadation stance remained.