Difficulties faced by Rs.2000 Note: Due Date of Exchange may be extended; RBI Governor

The Reserve Bank of India has decided to ban the Rs. 2000 denomination banknotes from circulation in view of the some factors and in conformity with its “Clean Note Policy.” The Rs. 2000 banknotes will continue to be accepted as legal money.

The procedure of exchanging and depositing Rs.2000 notes at the country’s banks began today, Tuesday. Banks are getting ready to handle the reverse flow of Rs 2,000 notes. The Reserve Bank of India has directed banks to keep separate daily records of notes placed for exchange and the value of notes deposited. The central bank stated that it will request this information if necessary. In light of the scorching summer season, the RBI has also instructed banks to provide ample shaded waiting spaces and drinking water for customers. Explain that the Reserve Bank of India has decided to discontinue the issue of Rs.2,000 notes.

Notes can be deposited till 30th September

The note has been removed from circulation under the RBI’s Clean Note Policy, according to the announcement. The central bank has advised citizens to swap or deposit the Rs.2,000 note in banks before September 30, 2023. In a press conference on May 22, RBI Governor Shaktikanta Das stated that the deadline might be extended after September 30, 2023. However, this choice would be made based on the amount of Rs.2,000 notes available.

Bank sent mail to Customers

In an e-mail to clients, HDFC Bank (HDFC) stated that consumers can swap Rs.2,000 notes with a daily maximum of Rs 20,000. Meanwhile, some business facilities, including gas pumps and consumer durables, have begun to accept Rs.2,000 notes. Since Friday, 72% of cash-on-delivery orders on Zomato have been paid for with Rs 2,000 notes, according to the app.

According to a Bank of Baroda research report, if even half of the entire Rs 2,000 notes are placed in banks, deposits will grow by Rs.1.8 lakh crore.