Rs 2,000 Note Withdrawal: Myths Vs Facts
The Reserve Bank of India on Friday said it will be removing Rs 2,000 currency notes from circulation
The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 currency notes from circulation. With the Rs 2,000 denomination bank notes set to be withdrawn from circulation, there are several misconceptions surrounding it.
MyGovIndia, a citizen engagement platform of Government of India has shed some light on the facts around the withdrawal of Rs 2,000 banknote with a myth-busting series.
2000 Rupee Note Withdrawal: Facts And Myths
Myth: Rs 2,000 notes will not be valid after September 30, 2023
Fact: Rs 2,000 notes will continue to be legal tender even after September 30, 2023.
Myth: Only your account holding bank is authorised to exchange Rs 2,000 currency notes for smaller denominations.
Fact: Any bank, regardless of account ownership, is authorised to exchange Rs 2,000 currency notes for smaller denominations.
Myth: There is a fee to be paid for exchange facility
Fact: The exchange of notes shall be provided free of cost!
Myth: It is demonetisation again
Fact: The exchange of Rs 2000 notes into smaller denominations is simply a step to facilitate smoother transactions and meet evolving needs.
RBI to withdraw Rs 2,000 currency notes from circulation
On Friday, the RBI made an announcement regarding the withdrawal of Rs 2,000 currency notes. However, the public has been given time until September 30 to either deposit these notes into their bank accounts or exchange them at banks. It is important to note that the existing Rs 2,000 notes in circulation will remain legal tender.
To ensure convenience in operations and prevent disruption to regular banking activities, the RBI has specified that the exchange of Rs 2,000 bank notes for notes of other denominations can be done at any bank. This exchange can be made up to a limit of Rs 20,000 at a time, starting from May 23, 2023.