Note Exchange: The Reserve Bank has announced the withdrawal of Rs 2000 notes from circulation. From today, May 23, the process of depositing or exchanging Rs 2,000 notes in banks has started. Preparations have been completed for this. Long queues are expected outside the banks on the first day itself.
Note Exchange: The process of exchanging Rs 2,000 notes has started from today. You can exchange your Rs 2,000 note by visiting any branch of the bank. The Reserve Bank of India has issued guidelines for this. It is being estimated that on the first day, there may be a crowd of note changers. 3 days ago on May 19, the Reserve Bank of India (RBI) had announced to withdraw the 2000 note from circulation. Customers can get 2000 notes changed in banks or deposited in accounts till 30 September.
2000 note will remain legal even after RBI deadline. That is, the existing notes will not be invalid. The deadline is only to encourage people to return these notes to the banks soon. Let us tell you that in the year 2016, after the demonetization of 500 and 1000 rupees, new notes of 2000 rupees were issued.
No need to fill any form
The Reserve Bank has clearly said that no form will have to be filled in the bank to exchange 2000 rupee notes. Nor will any identity card be required. You can exchange 10 2000 rupee notes at a time. Rs 2000 notes taken out of circulation can be exchanged till 30 September 2023. 2000 notes up to Rs 20,000 can be easily exchanged in banks at one go. At the same time, there is no limit for depositing Rs 2000 note in the bank account. But for this, the rules of bank deposits have to be followed. RBI has clearly said that customers can go to any bank to change their currency. No charge of any kind is being taken for changing the notes.
Cash crunch at petrol pump
After the announcement of RBI, many customers have started spending 2000 notes at petrol pumps. Because of this, the All India Petroleum Dealers Association has appealed to the RBI that there has been a shortage of cash due to the customers returning retail money in exchange for 2000 notes. People have also reduced the digital payment for spending Rs 2000 notes. People are pouring oil and handing over Rs 2,000 notes, due to which there has been a huge shortage of retail cash at many petrol pumps.
