The RBI on Friday announced the withdrawal of Rs 2,000 banknotes from circulation and set a deadline of September 30 for the public to exchange or deposit the banknotes.
The former finance minister also said that withdrawing both the Rs 1000 and Rs 500 currency notes were a grave mistake, one that had not been accepted by the people of the country.
RBI said it has asked banks to stop issuing Rs 2,000 notes with immediate effect, but the existing Rs 2,000 denomination banknotes will continue to be legal tender
As on March 31, 2018, Rs 2,000 notes worth Rs 6,73,000 crore were available in the market, accounting for 37.3 percent of the total currency circulation.
On May 19, the central bank after announcing the withdrawal, said that people can deposit or exchange the Rs 2000 notes at bank branches or designated RBI offices till September 30.