2000 notes will continue to be exchanged without any ID proof. The Supreme Court on Monday dismissed a petition challenging the RBI's order to exchange Rs 2000 notes without ID proof.
Supreme Court said- This is the policy decision of RBI. The Supreme Court asked Ashwini Upadhyay that suppose you give 2000 note to the vegetable seller, will he ask for ID proof from you? It is a matter of governance. In this way transactions are taking place on a very large scale. Would you say all are illegal?
The Delhi High Court had also said in its judgment on May 29 that this is a policy decision of the RBI. The court should not interfere in this. Ashwini Upadhyay appealed in the Supreme Court against the decision of the Delhi High Court. He had also appealed to the Supreme Court twice for urgent hearing, which was rejected by the court.
According to the Reserve Bank of India, till June 30, banks have received 76% of the 2000 rupee notes. The total value of the notes returned so far is Rs 2.72 lakh crore. According to RBI, of the total Rs 2,000 banknotes returned from circulation, around 87% are in the form of deposits and the remaining around 13% have been converted into other denomination banknotes.
RBI has once again requested people to exchange 2000 notes before 30 September 2023. Do not wait till the last moment to avoid any kind of rush and hassle.
On May 19, RBI had announced to withdraw 2000 note from circulation. After three days i.e. from May 23, the process of changing this note started in banks across the country. People are reaching the banks to exchange their notes. RBI has asked to exchange 2000 notes or deposit in the account by 30 September.
The Reserve Bank has said in its circular that it will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI had told that this decision has been taken under 'Clean Note Policy'. People can exchange 10 notes at a time in any bank, while there is no limit on deposits.
2 thousand 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. When notes of other denominations became available in sufficient quantity, the printing of 2000 notes was stopped in 2018-19.