According to Shaktikanta Das, the Governor of the Reserve Bank of India, the 30th September deadline for the exchange of Rs 2000 notes was set to ensure that people treat the process seriously and avoid it becoming prolonged indefinitely.
“…Time is given up to Sept 30 (for exchange of notes) so that it is taken seriously, otherwise, if you leave it open-ended, it becomes a kind of an endless process,” Shaktikanta Das said in an interaction with the media. “We have clearly explained in our press note that the Rs 2000 notes were primarily issued for the purpose of quickly replenishing the value of money which was being taken out from the system when the legal tender status of then-prevailing Rs 1000 and Rs 500 notes was withdrawn..(demonetisation). That purpose has been fulfilled, today there are enough notes in circulation, of other denominations.”
On Friday, the Reserve Bank of India (RBI) announced its decision to withdraw the circulation of Rs 2000 denomination banknotes, while clarifying that they would still be considered legal tender. The RBI further instructed banks to cease the issuance of Rs 2000 banknotes immediately. It was specified that individuals would still have the option to deposit Rs 2000 banknotes into their bank accounts or exchange them for banknotes of different denominations at any bank branch until 30 September, 2023.