New Delhi5 minutes ago
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The Reserve Bank will withdraw the 2000 note from circulation, but the existing notes will not be invalid. 2 thousand note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. RBI has stopped printing 2000 notes from the year 2018-19.
RBI has instructed banks to exchange 2000 notes from May 23 to September 30. At a time only notes of maximum value of twenty thousand rupees will be exchanged. But, there will be no limit on depositing these notes in the account. Banks will not issue 2000 notes from now onwards.
Understand the meaning of this order of RBI in 10 questions…
1. What has RBI said?
The Reserve Bank will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI said that its printing was stopped in 2018-19 after its objective was met.
2. Since when is the decision being implemented?
RBI has written in its circular that it is taking 2000 notes out of circulation. No date or time has been given for this. That is, this decision has come into force with immediate effect.
3. What will have to be done to change the note, what will be its complete process?
These notes can be changed by going to the bank. Time has been given till 30 September 2023 for this. Banks have also been informed about this so that there is no problem in changing the notes.
4. What will happen if the notes are not deposited by 30th September?
₹2000 notes can continue to be used for transactions and can also be received as payment. However, RBI has advised to deposit or exchange these bank notes on or before 30 September 2023.
5. Can notes be exchanged without having an account in any bank?
Yes. A non-account holder can also exchange ₹2000 notes at any bank branch up to a limit of ₹20,000/- at a time. On the other hand, if you have an account, you can deposit any number of 2000 notes.
6. What effect can be seen in the purchase of 2000 notes in the market?
Even though the government has kept it in circulation, traders may hesitate to do transactions with it. In such a situation, it would be better to change them from the bank itself.
7. RBI has given time till 30th September to exchange the notes. What will happen after this?
The date can also be extended, but do not wait for the last date. If the government invalidates it, then the 2000 notes kept with you will have no value.
8. Who has taken this decision and why?
The Reserve Bank has taken this decision under the ‘Clean Note Policy’. In the Clean Note Policy, people have been requested not to write anything on currency notes, as doing so spoils their appearance and also reduces their life. Clean note policy has been implemented to achieve this goal that people should get good quality bank notes (paper currency) in transactions.
9. How will this affect the common people?
Whoever has 2 thousand note will have to go to the bank and exchange it. In 2016, 500 and 1000 notes were closed in demonetisation. Time was also given to change it, but people had to face a lot of trouble due to long queues. It can be seen this time also.
10. Is this decision a rectification of mistake on the part of the government?
RBI has told in its circular that 2000 notes were printed to meet the shortage of 500 and 1000 notes that were discontinued in 2016. When notes of other denominations became available in sufficient quantity, the printing of 2000 notes was stopped in 2018-19. That is, it cannot be said directly that taking 2000 notes out of circulation is the rectification of the mistake of the government.
RBI order
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