RS 2000 note exchange beings today,here’s what you should know

The exchange process of junked Rs 2000 currency notes will being from today ,may 23. Bank have dedicated separate counters for people to swap thier Rs 2000 currency note for smaller denominatons to make the process a bit smoother . the Reserve bank of india on friday said the process of swappimg Rs 2000 currency notes, which will remain legal tender , will start from Tuesdat and continue till the end of september

The RBI Governor ,shhaktikanta das dismised rumours of a new RS1000 currency note on monday in his first media interaction after the decision to withdraw the highest denomination notes from circulation last friday .

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He also explained that even though a withdrawl of Rs2000 notes has bodered ,these notes continue to be legal tender. Das further noted that shops must not refuse to accept these notes . he said , “from time to time , RBI withdraws notes of a particular series and issues fresh notes. we are withdrawing the RS2000 notes from circulation but they continue as legal tender”

Das also added that almost all RS2000 notes will come back to the govermentby september 30.He also urgued banks not to issue soiled or torn notes to coustomers . when asked why the withdrawal of RS2,000 notes was ordered ,the RBI boss said the notes completed their life cycle .Das further noted that the notes werw printed 4 – 5 years back and thier purpose also got over.

Here’ s what you should know ahead of the rupees 2000 currency swap

1. the high – value nots can be exchanged without a requisition slip or identity proof, the RBI said . however , some banks might ask for identity proof during the swapping process.

2. In many states , banks have sought the help of local police to regulate queues in case of heavy rush , officials said . banks have also cautioned people against trying to deposit or exchange fake Rs 2000 notes , saying police case would be registered against such people .

3.In uttar pradesh ,12000 bank branches have decided to set up seperate counters for depositing or exchange of Rs 2000 notes . but banks are not expecting a huge rush as only 10 percent of the Rs 2000 notes are in circulation .

4. Bank account holders whose KYC has been done can deposit any number of rs 2000 notes in their accounts ,and only worth Rs 10,000 will be allowed in jan dhan accounts.

5.Banks in patna seemed to be confused over the number of circulars issued by the Reserve Bank . while a few banks ,mostly state -run ,have decided to facilitate the exchange of rs 2000 notes without id proofs ,others said it was mandatory to have identifitable records of the person exchanging the notes ,in accordance with the banking regulators guidelines to check circulation of fake notes.

CHHAYA GIRI (BJMC-II)