No rush on day 1 of Rs 2,000 note return: Finance Ministry official

New Delhi: The phase-out of the ₹2,000 notes remained largely smooth on Tuesday, the first day of the exercise that was announced on May 19, according to a top finance ministry official.

"No rush was reported from anywhere. The public have been advised to deposit or exchange as per their convenience by September 30, 2023," Economic Affairs Secretary Ajay Seth told ET.

Earlier in the day, Reserve Bank of India Governor Shaktikanta Das called on Finance Minister Nirmala Sitharaman here.

While there is no official word yet on the deliberations of the meeting, Das is expected to have discussed various aspects of the ₹2,000 note withdrawal exercise.

On Monday, Das said authorities would take a decision on the status of the ₹2,000-rupee notes closer to the September 30 deposit or exchange deadline, as he ruled out any adverse impact on the economy from the withdrawal of the highest denomination currency.

The central bank has said these notes continue to be legal tender without indicating the status after September 30 when the deposit/exchange time comes to an end.

Das had also stressed that "more than adequate" quantities of smaller-denomination notes are available in the system, "not just with the RBI, but also with the currency chests, which are operated by the banks".

This will ensure smooth exchanges of the ₹2,000 notes with smaller denomination notes.