New Delhi (PTI): Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
Rs 2,000 currency notes continue to be legal tender, Das added.
Indian currency management system is very robust, exchange rate has remained stable despite crisis in financial markets due to war in Ukraine and failure of certain banks in the West, he said.
The impact of the withdrawal on the economy will be "very very marginal", he said, adding Rs 2,000 currency notes made up for just 10.8 per cent of the total currency in circulation.
He said Rs 2,000 rupee notes were introduced primarily to replenish the currency that was withdrawn following 2016 demonetisation, he said.
While the withdrawn 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange, he said.
"We expect most of Rs 2,000 bank notes to come back to the exchequer by September 30," he said. "We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry."
RBI, he said, was sensitive to difficulties faced by people and would come out with regulations if need be.
Existing income tax requirement of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn 2000 rupee notes, he said.
Das said liquidity in the system is being monitored on a daily basis.
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Jakarta, Apr 17: Indonesian authorities issued a tsunami alert Wednesday after eruptions at Ruang mountain sent ash thousands of feet high. Officials ordered more than 11,000 people to leave the area.
The volcano on the northern side of Sulawesi island had at least five large eruptions in the past 24 hours, Indonesia's Centre for Volcanology and Geological Disaster Mitigation said. Authorities raised their volcano alert to its highest level.
At least 800 residents left the area earlier Wednesday.
Indonesia, an archipelago of 270 million people, has 120 active volcanoes. It is prone to volcanic activity because it sits along the “Ring of Fire,” a horseshoe-shaped series of seismic fault lines around the Pacific Ocean.
Authorities urged tourists and others to stay at least 6 km (3.7 miles) from the 725-metre (2,378 foot) Ruang volcano.
Officials worry that part of the volcano could collapse into the sea and cause a tsunami as in a 1871 eruption there.
Tagulandang island to the volcano's northeast is again at risk, and its residents are among those being told to evacuate.
Indonesia's National Disaster Mitigation Agency said residents will be relocated to Manado, the nearest city, on Sulawesi island, a journey of six hours by boat.
In 2018, the eruption of Indonesia's Anak Krakatau volcano caused a tsunami along the coasts of Sumatra and Java after parts of the mountain fell into the ocean, killing 430 people.