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Rs 2000 Note Ban : How to Exchange?
Date: 22-May,2023Last Updated: 5-June,2023
2023-05-22 17:57:50
2023-06-05 01:10:16
Homes247 Editorial
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0 We are pretty sure that most of you might be been thinking of the Demonetization of 2016 after watching the latest Rs 2000 note ban in India.
And well that answers one of our most anticipated questions "Will demonetization happen again?"
But before we dwell further, the first question we need answers to is
Why RBI has withdrawn Rs 2000 notes?
According to the official reports, RBI in pursuance of its Clean Note Policy has decided to withdraw the Rs 2000 denomination from circulation.
2000 denomination bank notes were introduced in 2016 after ban of Rs 1000 denomination note ban as the highest legal tender. The printing of the same was ended in 2018-2019 after other denominations were available adequately. Now these notes are at the end of their life cycle of 4 - 5 years and with the onset of Digital Payments, this denomination is not used widely for transactions.
According to certain economists, this can also help in the reduction of fake notes and also drive the entire country to adopt fully digital transactions.
Hence the impact to the economy will also be less compared to the demonetization of 2016, where the then 1000s and 500s notes were widely used. Now with the widespread use of UPI apps and digital monetary devices and softwares the fear of standing in long queues no longer applies.
What to do if I have Rs 2000 notes?
As per the RBI you can deposit/exchange your Rs 2000 notes at your Bank branches. The time period for the exchange is between May 28 2023 till September 30 2023. Along with the banks, 19 RBI regional offices will also have Issue Departments to aid with the exchange of 2000 notes.
How many 2000 notes can be deposited/exchanged in a day? What is the limit of exchange of Rs 2000 notes?
You can exchange up to Rs 20000 at a time. Which means 10 notes of Rs 2000 denomination. You can deposit the amount in compliance with the KYC (Know Your Customer) or other regulatory requirements.
What if you have a large number of 2000 notes?
As mentioned above you can exchange or deposit the value of Rs 20000 at a time. However, with more number of notes, it can certainly attract the Income Tax Department or other enforcement departments. Thus as long as your source of the amount is clear and evident you have nothing to worry about.
What is RBI's Clean Note Policy?
Clean Note Policy is an initiative by the RBI for providing the public with only high-quality currency notes with security features and old, soiled notes are taken out of circulation.
So guys we will be back with more information regarding the same. Meanwhile, just mention your thoughts regarding the note ban in the comments.
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