Following the withdrawal of Rs 2,000 notes, RBI Governor Shaktikanta Das said the central bank is not thinking of scrapping Rs 500 notes from circulation or re-introducing 1000-rupee notes.

The Reserve Bank of India has no plans to withdraw Rs 500 notes from circulation or re-introduce 1000-rupee notes, Governor Shaktikanta Das said on Thursday.

“The RBI is not thinking of withdrawing Rs 500 notes, or re-introducing notes in Rs 1,000 denomination; request public not to speculate,” Das said at a press conference after unveiling the second bi-monthly monetary policy for FY24.

“To complete the exercise in a time-bound manner and to provide adequate time for the members of the public, all banks shall provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023,” the RBI circular read.