Banks throughout India will begin accepting Rs 2,000 notes for trade from at the moment. The Reserve Financial institution of India (RBI) had introduced to withdraw the Rs 2,000 observe from circulation on Could 19, giving the financial institution 4 days to arrange for a similar. The Rs 2,000 notes had been issued in 2016 after the Central authorities introduced the demonetisation of outdated Rs 500 and Rs 1,000 foreign money notes. Whereas the federal government launched the Rs 500 observe in a brand new design, the Rs 1,000 observe was not reintroduced. Whereas there have been speculations that the Rs 2,000 observe may even be demonetised, the RBI has introduced solely the withdrawal of the foreign money notes from market circulation. So, when you even have Rs 2,000 notes and also you wish to get them exchanged, listed here are 10 factors you need to know earlier than dashing to your financial institution:
1. Do not rush to the banks. There isn’t a must panic. Although the RBI has set a deadline of September 30 for individuals to get their notes exchanged in a tranche of 10 notes, the central financial institution has maintained that the Rs 2,000 foreign money continues to be the authorized tender. This implies, the observe can be utilized for business functions even after September 30. “It can proceed as authorized tender. We’ll wait what number of notes are coming. I can’t give a speculative reply about what is going to occur post-September 30,” stated RBI Governor Shaktikanta Das.
2. No restrict on deposits. Sure, you learn it proper. When you can trade solely 10 notes directly, there isn’t any restrict on the deposit of the notes. Nonetheless, you’ll have to fulfil KYC pointers in case of enormous deposit transactions.
3. No paperwork are wanted for deposits under Rs 50,000. “We’ve got not come out with an extra process. You should be conscious that there is an revenue tax rule when you deposit money above Rs 50,000 then you must produce your PAN. So current guidelines will apply,” stated Das.
4. No requisition slip for transactions as much as 10 foreign money notes. State Financial institution of India has knowledgeable that the power of trade of Rs 2,000 notes by the general public as much as a restrict of Rs 20,000 at a time can be allowed with out acquiring any requisition slip.
5. Steps had been taken to make trade simple. The Reserve Financial institution of India has additionally suggested the banks to rearrange sheds to guard the individuals coming to trade or deposit notes from daylight. Together with this, consuming water also needs to be organized for the individuals within the queue. Banks have been requested to make observe trade amenities accessible over-the-counter within the regular means.
6. RBI Governor Shaktikanta Das stated that the withdrawal of Rs 2,000 notes from circulation would have a really restricted impact on the economic system as these notes represent solely 10.8 per cent of the overall foreign money in circulation. A lot of the Rs 2,000 notes are anticipated to be returned to the banking system by 30 September.
7. Sufficient notes of various denominations can be found with banks. The RBI has stated that there’s greater than enough amount of printed notes accessible within the system not simply with the RBI, but in addition on the foreign money chests that are operated by the banks. “So there may be enough inventory accessible and there’s no motive to fret in any way. We’ve got greater than enough shares,” stated RBI Governor Das.
8. Relaxations are doubtless for these staying overseas. The RBI stated that it’s delicate to the difficulties which can be confronted by people who find themselves on lengthy overseas visits or dwelling overseas on work visas. “Will probably be our endeavour to handle the difficulties of the individuals and to finish all the course of in a easy method,” he stated, hinting that these having legit causes for not getting the foreign money notes exchanged might get particular exemptions, post-September 30.
9. RBI had stopped printing Rs 2,000 notes in 2019. Sure, you learn it proper. The Reserve Financial institution of India had not printed any Rs 2,000 denomination foreign money observe since April 2019.
10. Clear Observe Coverage. The RBI stated that the withdrawal of Rs 2,000 foreign money notes is a part of its clear observe coverage. The Clear Observe Coverage goals at offering the general public with good-quality foreign money notes and cash with higher safety features.