Will Rs 2,000 note be valid after September 30? Here’s what we know

Supplied by Enterprise At present Will Rs 2,000 observe be legitimate after September 30? This is what we all know

The Reserve Financial institution of India on Friday mentioned that it has determined to withdraw Rs 2,000 denomination banknotes from circulation. Nevertheless, the notes will proceed as authorized tender, the central financial institution mentioned in a press release.

RBI additional mentioned that most of the people can deposit Rs 2,000 banknotes into financial institution accounts and/or change them into banknotes of different denominations at any financial institution department. “Deposit into financial institution accounts might be made within the standard method, that’s, with out restrictions and topic to extant directions and different relevant statutory provisions,” the financial institution mentioned in a press release.

As a way to full the train in a well timed method and to supply sufficient time to the general public, all banks will have the ability to provide deposit and/or change facility for Rs 2,000 banknotes till September 30, 2023, RBI mentioned. Persons are inspired to deposit and/or change these banknotes on or earlier than September 30, 2023, mentioned RBI. The RBI has not specified if Rs 2,000 observe will likely be legitimate or not after September 30. However, given the deadline for the general public to return the notes is September 30, the query arises if the observe will likely be legitimate after that date or not.

The financial institution additionally famous that deposit into accounts might be made with out restrictions. The Rs 2,000 banknotes might be deposited into financial institution accounts and money necessities might be drawn thereafter, towards these deposits.

RBI additionally mentioned that banks have been instructed to make preparations to scale back inconvenience to the senior residents, individuals with disabilities, and so on., searching for to change/deposit Rs 2,000 banknotes. It additionally highlighted {that a} non-account holder can change Rs 2,000 banknotes as much as a restrict of Rs 20,000 at a time at any financial institution department.

The central financial institution additionally talked about that basic public will not should pay any charge to avail the change facility.

“About 89% of the Rs 2,000 denomination banknotes had been issued previous to March 2017 and are on the finish of their estimated life-span of 4-5 years. The full worth of those banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to Rs 3.62 lakh crore constituting solely 10.8% of notes in circulation on March 31, 2023. It has additionally been noticed that this denomination will not be generally used for transactions. Additional, the inventory of banknotes in different denominations continues to be sufficient to satisfy the foreign money requirement of the general public,” RBI mentioned in a press release.

Congress chief Jairam Ramesh reacted to the RBI’s resolution by saying, “Typical of our self-styled Vishwaguru. First Act, Second Suppose (FAST). 2,000 rupee notes launched with such fanfare after that singularly disastrous Tughlaqi firman of Nov 8 2016 are actually being withdrawn.”

Leave a Comment