New Delhi- With banks stopping accepting ₹ 2,000 notes, people have started queuing up at 19 Reserve Bank of India offices to exchange the high denomination currency, which was withdrawn from circulation.
On May 19, the RBI had surprised all by announcing its intent to withdraw the ₹ 2,000 note introduced in 2016 for quick remonetisation, following Prime Minister Narendra Modi’s announcement to suck out over 88 per cent of currency in circulation by banning the ₹ 500 and ₹ 1,000 notes.
Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.
The deposit as well as exchange facilities at bank branches was stopped on October 7. From October 8, people were given the option to get the currency exchanged or get the amount credited in their banks accounts at 19 offices of the RBI.
Last Friday, RBI Governor Shaktikanta Das said ₹ 3.43 lakh crore worth of ₹ 2,000 notes have come back and about ₹ 12,000 crore of such notes were still in circulation.
People were seen standing in queues at RBI offices, including in the national capital, to exchange ₹ 2,000 notes.
Individuals or entities can exchange ₹ 2,000 bank notes at the 19 RBI offices up to a limit of ₹ 20,000 at a time. However, there is no limit on the total amount for getting ₹ 2,000 notes credited in bank accounts.
Following the demonetisation of ₹ 500 and ₹ 1,000 bank notes in November 2016, the RBI had introduced ₹ 2,000 notes, along with new ₹ 500 notes for speedy remonetisation.
Follow this link to join our WhatsApp group: Join Now
Be Part of Quality Journalism |
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast. |
| ACT NOW |
| MONTHLY | Rs 100 |  |
| YEARLY | Rs 1000 | |
| LIFETIME | Rs 10000 | |
