2000 Rs. Note Will Be Out Of Circulation, RBI Said- Will Be Able To Change In Banks Till 30 September
The Reserve Bank will withdraw the 2000 rs. note from circulation, but the existing notes will not be invalid. 2000 rs. note came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. RBI has stopped printing 2000 notes from the year 2018-19.
RBI has currently asked 2000 notes to be changed in banks or deposited in the account till 30 September, but has also said that it will remain legal even after this. This is only to encourage people to return these notes to the banks.
Only notes worth a maximum of twenty thousand rupees will be changed at a time, but there will be no limit on depositing these notes in the account. Now banks will not issue 2000 notes.
Understand the meaning of this order of RBI in 5 questions
1. What has RBI said?
The Reserve Bank will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI said that its printing was stopped in 2018-19 after its objective was met.
2. Since when is the decision being implemented?
RBI has written in its circular that it is taking 2000 notes out of circulation. No date or time has been given for this. That is, this decision has come into force with immediate effect.
3. What needs to be done to exchange the note?
These notes can be changed by going to the bank. There is time till 30 September 2023 for this. Banks have also been informed about this so that there is no problem in changing the notes.
4. What will happen if the notes are not deposited by 30th September?
₹2000 notes can continue to be used for transactions and can also be received as payment. However, RBI has advised to deposit or exchange these bank notes on or before 30 September 2023.
5. Can notes be exchanged without having an account in any bank?
Yes. Non-account holders can also get ₹ 2000 notes exchanged in other denominations at any bank branch up to a limit of ₹ 20,000/- at a time. On the other hand, if you have an account, you can deposit any number of 2000 notes.