Page 2 - Clean Note News Today

RBI in the statement said, "It is further informed that there are robust systems in place for reconciliation of banknotes printed at the presses and supplied to RBI which include protocols to monitor production, storage and distribution of banknotes."

In the previous hearing, the RBI had argued that this exercise was only for exchange of notes, and after September 30 — the deadline for exchanging currency notes of Rs 2,000 denomination — a decision may be taken after seeing a result of the exchange.

On Tuesday i.e., May 23, the court had reserved its decision after hearing the matter. -- aaa

RBI has advised the public to deposit their ₹2,000 notes into their bank accounts and/or exchange them into bank notes of other smaller denominations at any bank branch until 30 September.

The Indian Express’ UPSC weekly news express covers some of the important and burning topics of current affairs news from this week to help you prepare for UPSC-CSE. Try out the MCQs and check your answers provided towards the end of the article.

The Reserve Bank of India recently announced the withdrawal of Rs 2,000 denomination notes

Flashbacks of demonetisation force people to rush to petrol pumps; owners find it tough to tender the change as customers insist on using Rs 2,000 notes instead of swiping debit cards

In November 2015 under Section 24(1) of the RBI Act of 1934, the Rs 2,000 banknote was introduced. The RBI Act allows the introduction of notes of any denomination, not exceeding Rs 10,000.

The Reserve Bank of India (RBI) on Monday dismissed claims of the reintroduction of 1,000 rupee notes and said there is no proposal to bring back such currency notes, yet.

Confusion prevails over the RBI’s decision to withdraw Rs 2000 notes. While the 30 September deadline has been set, the currency will continue to be valid even after. Then why do we have to exchange the notes? Is it a crackdown on black money and fake currency?