Rs 2,000 Notes To Be Withdrawn. What To Do If You Have Them: 5 Factors

Individuals can deposit or change Rs 2,000 notes until September 30

New Delhi:
The central financial institution will withdraw from circulation the high-value Rs 2,000 word, which was launched in November 2016 simply after demonetisation. Individuals can change or deposit their Rs 2,000 notes between Could 23 and September 30.

This is your high 5 cheatsheet to this story

  1. The Rs 2,000 notes will proceed to be legitimate even after the change or deposit deadline of September 30.

  2. Individuals can deposit or change the high-value notes for decrease denomination ones as much as Rs 20,000 at a time.

  3. The Reserve Financial institution of India (RBI) stated banks will change and take Rs 2,000 notes as deposits. The RBI’s 19 regional workplaces can even function change factors until September 30.

  4. The entire worth of the Rs 2,000 notes has fallen from Rs 6.73 lakh crore, or 37 per cent in circulation, at its peak in March 2018 to Rs 3.62 lakh crore, or 11 per cent in circulation, in March this yr.

  5. The RBI stated one of many the explanation why the Rs 2,000 word is being withdrawn is that this denomination shouldn’t be generally used for transactions. The inventory of banknotes in different denominations is “ample to satisfy the foreign money necessities of the general public,” the RBI stated in an announcement on Friday.