2000 Rupee Currency Ban: The Reserve Bank of India (RBI) had announced to withdraw the Rs 2000 note from circulation last Friday. The process of depositing and exchanging Rs 2000 notes is starting from Tuesday (May 23). Notes can be changed by going to any bank. Opposition parties have criticized the central government for this decision. Whereas there has been a counterattack from the BJP side as well. Meanwhile, RBI has appealed that people should not panic and do not rush to go to the bank, the 2000 note is valid.
1. While announcing the withdrawal of the Rs 2000 note, the Reserve Bank of India had said that this legal tender can be deposited in banks from May 23 to September 30. Apart from this, they can also be changed. Only 10 notes will be changed at a time.
2. RBI Governor Shaktikanta Das said on Monday that the move to remove Rs 2000 notes from circulation is part of the clean note policy. At the same time, he made it clear that the 2000 note will remain a valid currency. He said that people have enough time to deposit or exchange their 2000 rupee note in the bank, so no one should panic.
3. The governor said that there are sufficient numbers of low value notes to exchange the notes. Meanwhile, SBI issued a guideline to all its branches saying that the customer does not need any form or identity card to exchange notes. The general public will not need any form to exchange Rs 2,000 notes up to a total of Rs 20,000 at a time.
4. The Reserve Bank has not fixed any limit for depositing such notes in its account. This is subject to meeting Know Your Customer (KYC) norms and other applicable statutory requirements. One can stand in the queue any number of times to exchange notes. There is no fee to be paid for changing the note.
5. RBI has said that to keep the data of Rs 2000 notes, the bank will be required to fill a form on deposit and exchange. Banks will have to keep the details of 2000 notes deposited and exchanged daily. Bank name, date, amount of note exchange and total amount will be filled in this form. Bank employees will fill this form, not the customer.
6. The Reserve Bank of India has also advised banks to arrange sheds to protect people from the sun who come to exchange or deposit notes. Along with this, drinking water should also be arranged for the people in the queue. Banks have been asked to make note exchange facility available over the counter in the normal way.
7. RBI Governor Shaktikanta Das said that the withdrawal of Rs 2000 notes from circulation would have very limited impact on the economy as these notes constitute only 10.8 per cent of the total currency in circulation. Most of the notes of this value are expected to be returned by the scheduled deadline of 30 September. Describing the question asked about the possibility of re-issuing Rs 1000 note as speculation, he said that at present there is no such proposal.
8. Opposition parties have strongly attacked the central government on the decision to withdraw the notes. Jharkhand Chief Minister Hemant Soren alleged that removing Rs 2000 note from circulation is a political decision just like demonetisation. Former Chief Minister of Uttar Pradesh Mayawati said that before doing this, a proper study of its effects and consequences is necessary. Chhattisgarh Chief Minister Bhupesh Baghel said that the central government is changing its own decision after seven years, it is like spitting and licking.
9. The attacks of the opposition have also been retaliated by the BJP. Senior BJP leader and Haryana Home Minister Anil Vij said that those who have illegally deposited Rs 2000 notes are crying over the decision to withdraw the notes from circulation. He said that those who are crying have illegally deposited Rs 2000 notes in sacks.
10. Meanwhile, the use of Rs 2000 notes has increased by 90 per cent in buying fuel by paying cash at petrol pumps. A large number of customers are going to petrol pumps to exchange 2000 rupee notes. Petrol pump dealers said cash sales were only 10 per cent before Friday’s sudden announcement of withdrawing the Rs 2,000 note, but now customers are using the Rs 2,000 note even for making small purchases of Rs 100-200. Are. Because of this, petrol pumps are facing shortage of Rs 100 and Rs 500 notes.
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