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.
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.
The RBI's suprise move came amid concerns of the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.
Beginning from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at any bank, at any time that does not hamper regular banking activities.