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UPL 670.40↑2.40(0.36%)
Wipro 395.75↑9.55(2.47%)

Only Centre has the power to withdraw legal tender: Ex-Dy RBI governor

'We should not call it as demonetisation because it is still a legal tender', says R Gandhi

Manojit Saha Mumbai

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R Gandhi, former deputy governor, Reserve Bank of India

3 min read Last Updated : May 19 2023 | 10:21 PM IST

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R Gandhi, former deputy governor of Reserve Bank of India (RBI), who handled the currency management department during the demonetisation exercise of 2016, says the introduction of the Rs 2,000 was a tactical one to remonetise the economy quickly, in an interview to Manojit Saha. Edited excerpts:

What could be the reason for withdrawing the Rs 2,000 note from circulation?

At the time when the Rs 2,000 denomination note was introduced, it was clear that it was a tactical decision because it does not go with the overall theme of demonetisation. It was for quickly remonetising the economy such a high denomination was required. Now that the requirement is no longer there and other denomination notes are available, it was good to withdraw these denominations.