Category: Central Government

21 May 2023 08:58

Joined:	23/09/2015
Level:	Gold
Points:	62965

Points:	5

What should we do with Rs. 2000 notes when the Government has banned it?

On 19th May 2023, the RBI has announced withdrawal of Rs. 2000 currency notes from circulation. This is in accordance with RBI's existing 'Clean Note' policy. It has nothing to do with demonetization as many people think.

The printing of Rs. 2000 was stopped in early 2019 itself. So, this currency note in circulation is already very less.. But those who still possess Rs. 2000 notes with them can exchange such notes.

RBI has indicated detailed procedure of exchanging the existing Rs. 2000 notes. I am indicating the procedure point-wise:-

(i) Individuals having Rs. 2000 notes can deposit such banknotes into their bank accounts, or exchange these notes for banknotes of other denominations at any bank branch.

(ii) Deposits can be made without restrictions. Deposits are subject to existing instructions and applicable provisions.

(iii) Individuals will have option to exchange Rs. 2000 notes for other denominations up to a limit of Rs. 20000 (Twenty thousand only) at a time at any bank, beginning 23rd May 2023.

(iv) From 23rd May 2023 onwards, individuals can also avail the exchange facility at nineteen regional offices of the RBI (in addition to bank branches).

(v) Above facilities will be available till 30th September 2023.

I hope respected members would find the above information useful..

#773239

21 May 2023 12:02

Joined:	02/06/2009
Level:	Diamond
Points:	145277

Points:	5

I think many of us will not have any stock of Rs.2000/- notes. Probably these notes are piled up with real estate business people or politicians. They are aware of how they can save themselves from any type of exigencies. Added to that bank officials also will help such people.
I thank Partha for the details given on the topic. We are not seeing Rs2000/- these days in circulation. Some political leaders will be arranging people for the meetings in which their senior leaders are participating. Some parties are giving money to the people to attend the meetings. At that time only we will see those notes.
When a person goes with heavy cash to a bank to deposit, they have to declare their source of income and they have to pay tax for that amount. So we will see how things will take shape in the coming days.

drrao
always confident

#773240

21 May 2023 13:30

Joined:	25/11/2014
Level:	Diamond
Points:	43265

Points:	4

Though there was the circulation of Rs 2000/- currency notes during the year 2017 but as the time progressed, we could see the drop of its circulation by the end of 2018. In the late of 2019, we could hardly notice its existence in the market. It means it is definitely in the shelves of affluent people including the politicians to take advantage of the weakness of the poor people. They are in the habits of influencing the poor with donations of currencies of higher denominations including the currencies of Rs 2000 /-.
It has been decided that the currency note of Rs 2000/- will remain no more in circulation after September 30 of the current year. The impact of such a decision would be felt within a couple of months.

#773241

21 May 2023 13:34

Joined:	10/12/2016
Level:	Diamond
Points:	109208

Points:	3

This was already in the plans of RBI and now is being implemented. Common people are not having these notes and only some people who had not paid taxes and hidden black money in physical form might have difficulty in getting them exchanged.
We do not have any idea as to how many 2000 notes are with some of such people. When they go to the bank for exchanging these notes then only the real picture would emerge.

Knowledge is power.

#773242

21 May 2023 16:06

Joined:	13/08/2010
Level:	Gold
Points:	16582

Points:	3

Rs 2000/ notes are not banned. They are being withdrawn from circulation. They continue to be a legal tender up to September 30, 2023. The State Bank of India issued a clarification that these notes up to Rs 20000/ can be deposited or exchanged for notes of other denominations of the same value. According to a news item in NDTV, a person can stand in the queue any number of times and exchange or deposit Rs 2000/ notes subject to the stipulations of the bank. No form need to be filled or any proof of identity is required.

" Be Good and Do Good "

#773243

21 May 2023 18:42

Joined:	23/09/2015
Level:	Gold
Points:	62965

Points:	1

Since Friday night, I started getting flooded by news, information, Whatsapp forwards, memes, etc. telling me how 'Modi-monetization 2.0' to ban Rs. 2000 currency notes will again bring economic disaster to the country.

So, I read a little bit and wrote this Forum post. In the first para of the main post itself, I wrote: "It has nothing to do with demonetization as many people think."

I thank Dr. Rao Sir, Jha Sir, Umesh Sir and KVRR Sir for their insightful comments on this important/not-so-important issue.

(a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
(b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

#773257

23 May 2023 11:40

Joined:	02/01/2012
Level:	Gold
Points:	51591

Points:	3

Partha, I agree that withdrawal of Rs 2000/- currency has nothing to do with demonetization. Can I request you to please go back and check when notes of 2000 was held at the border when demonetization was announced at the midnight by our PM?

And what are we going to achieve by this step? Please guide this illiterate, humble person.

Do not take it that we are all fools. Shri Modi must not take all Indians to be granted.

'Educating the mind without educating the heart is no education at all'.
-Aristotle

#773263

23 May 2023 17:30

Joined:	23/09/2015
Level:	Gold
Points:	62965

Points:	1

"Can I request you to please go back and check when notes of 2000 was held at the border when demonetization was announced at the midnight by our PM?"---------------Honestly I have not understood. Was Rs. 2000/- note available during demonetization in 2016?

"And what are we going to achieve by this step? "------------ Sir, again I don't know. Here I only wanted to let others know what common man like Partha K. should do if accidentally he has one or two Rs. 2000/- in his bag at his residence.

"Do not take it that we are all fools. "---------Sir, I have not understood the purpose or intent of this sentence. Only this much I can say that if I was the Forum Editor, I would award (-)20 points to the member for such totally irrelevant comment.

(a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
(b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

What should we do with Rs. 2000 notes when the Government has banned it?

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