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In his first public comments after the Friday announcement on the withdrawal, Das said this will have a “very, very marginal” impact on the economy since the Rs 2,000 notes comprise 10.8 per cent of the currency in circulation.
In preparations banks will have dedicated counters for the exchange of the high denomination notes, enough inventory to offer change and people to manage queues.
For exchanging Rs 2,000 banknotes, all banks will facilitate the exchange up to a limit of Rs 20,000 at a time
He also added that PM Modi was not in favour of currency notes being printed outside the country.
Lawyer Ashwini Kumar Upadhyay contended in his plea that notifications by RBI and SBI in this regard are arbitrary, irrational and offend Articles 14 of the Constitution of India.