Tag: Rs 2000 banknotes

Rs 2000 banknotes

2.7% Of Rs 2,000 Banknotes Still In Circulation

By LokMarg

About 2.7 per cent of just-withdrawn Rs 2,000 banknotes are still in circulation, about two months after the deadline to deposit or exchange them at bank branches is over.

This essentially meant 97.26 per cent of the total value of the high-value Rs 2,000 banknotes were back in the banking system.

The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was Saturday (October 7).

The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. As of November 30, it was at Rs 9,760 crore.

Notably, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI.

Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Members of the public from within the country can send Rs 2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts in India.

Long lines were seen outside the RBI’s regional offices at various locations, with people coming from far and wide to exchange their banknotes.

September 30 was initially decided as the last date to complete the exchange and deposit exercise in a time-bound manner and to provide adequate time to the public. People were requested to utilise the month of September to deposit or exchange their Rs 2000 banknotes to avoid any rush at the last moment.

On September 30, the RBI, based on a review, decided to extend the arrangement for deposit and exchange until October 7, 2023.

The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.

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The Reserve Bank of India (RBI) 2000 Rs note

Order Reserved On PIL Against Allowing 2K Notes Without ID Proof

By LokMarg

The Delhi High Court on Tuesday reserved the order on a Public Interest Litigation (PIL) challenging Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, which permits the exchange of Rs 2,000 banknotes without obtaining any requisition slip and identity proof.

The plea called the decision arbitrary and irrational and offends Article 14 of the Constitution of India, hence, inoperative.
The bench of Justices Satish Chander Sharma and Subramonium Prasad on Tuesday said the court will pass the appropriate order while keeping the order reserved.

Appearing for RBI, senior advocate Parag Tripathi opposed the plea and said it is a statutory exercise and not a demonetisation.

The plea had been moved by Bharatiya Janata Party (BJP) leader and advocate Ashwini Kumar Upadhyay, further seeking direction to the RBI and SBI to ensure that Rs 2,000 banknotes are deposited in respective bank accounts only so that no one could deposit the money in others’ bank accounts and people having black money and disproportionate assets could be identified easily.

During arguements before the Court, petitioner advocate Ashwini Upadhyay clarified that he has not challenged the notification as a whole only as far as it allows the exchange of currency without any proof of identity.

The plea also prayed for a direction to the Centre to take appropriate steps against the black money and disproportionate asset holders in order to weed out corruption, benami transaction and secure the fundamental rights of citizens.

The plea further stated that according to the RBI total value of Rs 2,000 banknotes in circulation has declined from Rs 6.73 lakh crore to 3.62 lakh crore, of which 3.11 lakh crore has been reached either in individual’s locker otherwise has been hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people.

Presently, the total population of India is 142 crore, the total number of families is 30 crore and 130 crores Indians have AADHAAR Card. It means every family has 3-4 AADHAAR cards. Similarly, the total number of accounts is 225 crore and out of that 48 crore are Jana Dhan accounts of BPL families. It means every family has a bank account, the plea stated.

Recently, it was announced by the Centre that every family has AADHAAR Card and Bank Account.

“Therefore, why RBI is permitted to exchange Rs 2,000 banknotes without obtaining identity proof? It is also necessary to state that 80 Crore BPL families receive free grains. It means 80 crore Indians rarely use Rs 2,000 banknotes. Therefore, the petitioner also seeks direction from RBI and SBI to take steps to ensure that Rs 2000 banknotes are deposited in a bank account only, the plea stated. (ANI)

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