Page 9 - S 2000 Notes News Today

Dealers complain of the ‘same difficult situation as was faced during the 2016 demonetisation drive’ and express fears of harassment by tax authorities

The Rs 2000 note will remain legal tender but citizens have been asked to deposit or exchange these notes by 30 September. Analysts say this time the move is expected to be less disruptive as a lower value of notes is being withdrawn over a longer period of time

State Bank of India (SBI) provided clarification regarding exchange of Rs 2000 currency notes. It also issued guidelines to all its branches.

Rs 2000 Note News: RBI Issues Fresh Advisory For Banks - READ HERE, Personal Finance News, Times Now

Shaktikanta Das in an interaction with media persons today said that the higher value of currency was manufactured in a brief period of time to increase liquidity in the economy. 

Rs 2,000 note withdrawal update: Shaktikanta Das also explained that even though a withdrawal of Rs 2,000 notes has been ordered, Shaktikanta Das explained that these notes continue to be a legal tender. 

RBI Governor Shaktikanta Das said Rs 2,000 rupee notes were introduced primarily to replenish the currency that was withdrawn following the 2016 demonetisation.

RBI has said that exchange of Rs 2,000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000.

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?

A plea has been moved in the Delhi HC challenging RBI and SBI notifications, that permits exchange of notes without any identity proof.