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The RBI has advised members of the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.
The banknotes in Rs 2,000 denomination will continue to be legal tender, the RBi said in a release.
RBI did not specify a limit for depositing Rs 2,000 notes in bank accounts. Exchange of a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes will be allowed at a time.
Deadline September 30, the public can deposit notes in banks or 'exchange them into banknotes of other denominations'; no restrictions if deposited in personal account
'This move ultimately would reduce the quantum of black money and help tax collections to improve. Hence, it is a positive development for market,' says market expert G Chokkalingam