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In a recent notice issued by the SBI, the bank has set some guidelines over the exchange of Rs 2000 notes across India, which have been recalled by the RBI.
As there are around 1.55 lakh bank branches in the country, each branch, on an average, will have to handle 11,677 pieces of Rs 2000 notes – or 116 notes per day between May 23 and September 30, 2023.
If the RBI itself will stop exchanging the Rs 2000 note, will it still be legal tender in practical terms from October 1st onwards? Can one still use it for buying goods and services? Can people refuse to accept it?
Rs 2000 Note News: The facility for the exchange of Rs 2,000 banknotes up to the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments, from May 23., Personal Finance News, Times Now
Dr Krishnamurthy Subramanian, who was the chief economic advisor from 2018 to 2021, explains that the government's decision to withdraw Rs 2000 notes is a good move.