Real Reason Why RBI Withdrawn ₹2000 Notes

Last week’s Breaking News was: RBI Withdraws ₹2000 Notes

  • Deadline For Exchange Till September 30
  • The central bank of India has requested individuals to either swap or deposit the ₹2000 note in banks.

As a result, the Reserve Bank of India (RBI) has removed ₹2000 notes from circulation.

RBI Withdraws ₹2000 Notes
https://www.livemint.com/news/india/rbi-to-withdraw-rs-2000-currency-note-from-circulation-but-it-will-continue-to-be-legal-tender-11684502723835.html

However, according to the RBI, The ₹2000 note will continue to be accepted as legal money. It implies that consumers can keep using them for transactions and pay. But before September 30 this year, they are urged to deposit or exchange their cash notes.

The Real Reson & Incidents

News Headlines from past two years

  • Nearly 60% of fake money seized in 2021 were of ₹2,000 denomination

  • RBI reveals no Rs 2,000 note printed this year as NIA says high quality fake currency has resurfaced
  • Most fakes are ₹2,000 notes

  • Rise In Fake Currencies RBI Stops Printing ₹2,000 Notes
  • Supply of 2,000-rupee note stopped in FY20

Now you see the holistic idea why RBI had to take such an bold decision against these culprits destroying the country!

RBI Withdraws ₹2000 Notes
RBI Withdraws ₹2000 Notes

 

The Farzi

  • Fake Rs 2,000 notes seized in Dhaka, NIA sees Pakistan link in supply chain

  • Agra man arrested for depositing fake Rs 2000 notes at bank

  • Three months after Modi’s demonetisation move, fake Rs 2000 notes from Pakistan enter India

The hunt for counterfeit notes was started since the demonetisation started, the actual smugglers and their trails have been uncovered since 2017, and NIA had information about high-profile candidates involvement in supernotes!

 

Here is a step-by-step guide on how to exchange ₹2000 currency notes

  • Reach out to your nearest bank by September 30, 2023, for ₹2000 notes exchange.
  • The bank will provide you with a request slip, which you must complete appropriately.
  • Once finished, you must submit the paperwork and the ₹2000 in cash to exchange them.

What will be the daily exchange limit?

  • You can exchange ₹2000 notes up to the maximum amount of ₹20,000.

What will be the Deposit Limit?

Individuals may deposit ₹2000 rupee notes without limits. What is the Reserve Bank Of India’s notification on notes ₹2000 withdrawal? The RBI has notified that people have until September 30 to exchange or deposit their ₹2000 notes for these to be removed from circulation. This period runs from May 23 to September 30. However, the sources tell PRtech news that if necessary, the RBI may extend the deadline from September 30; nevertheless, if someone still holds a ₹2000 note after the present deadline, it will continue to be a legitimate tender. Moreover, a non-account holder can exchange ₹2000 notes from any branch up to a limit of ₹20,000. It is not required for an individual to be a bank customer to exchange the soon-to-be-discontinued currency.  Additionally, the RBI has clarified that people won’t be charged to avail of the exchange facility. The banks have been asked to set up plans to minimise trouble for older citizens and others with disabilities who want to exchange or deposit ₹2000 notes.

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