Exchange of 2000 rupee notes: The petition filed against the exchange of 2000 rupee notes has been heard in the Supreme Court today. The Chief Justice said the Reserve Bank’s decision is a matter of policy. We will not interfere in this. Therefore, this request is rejected. Let us tell you that a petition has been filed with the Supreme Court against exchanging 200 rupee notes without showing the ID card, whereupon the Supreme Court rejected the petition at today’s hearing.
What’s going on Banknote of 2000 rupee
Let us tell you that it has been said in this petition by Ashwini Upadhyay that there is a possibility of corruption or anti-nationals who have Rs 2,000 notes worth more than Rs 3 lakh crore. In such a situation, such elements take advantage by changing the note without seeing the identity card. According to the petitioner, there is currently no family in India that does not have a bank account. That is, two thousand rupee bills should be deposited directly into the bank accounts. Significantly, the Reserve Bank has also opposed this petition.
If you have kept 2000 bills in your house, then this is news for you.
On May 19, the Reserve Bank of India announced that Rs 2000 notes would be withdrawn from circulation. However, the central bank said they will remain legal tender and people can deposit the Rs 2,000 notes into their bank accounts and/or exchange them for notes of other denominations at any bank branch. RBI has given until September 30, 2023 to deposit or exchange notes at banks. RBI Governor Shashikant Das said people will gain a lot of benefits by depositing two rupee notes in banks.
RBI data showed that greater inflows would boost bank deposit growth from the current 10.9 percent and reduce the currency in circulation (CIC), which fell to Rs 365 billion in the week ending May 26. Part of the drop in CIC can be attributed to the Rs 2,000 note exchange, Gaura Sen Gupta, India economist at IDFC First Bank, told Reuters.
There is no limit to deposit into the account. 2000 note exchange
Many kinds of questions about pink notes are still floating in the mind of the common man. Where it is necessary to clarify that there is no limit set on your account for depositing these notes. Only Aadhaar card and PAN card need to be updated in your account. This is called KYC or Know the Customer in the language of the bank.
This note was brought to meet the currency needs of the economy.
The pink note i.e. 2000 note was issued in November 2016 under section 24(1) of Act 194 of the Reserve Bank of India. The main purpose of this note was to meet the currency needs of the country’s economy after the withdrawal of 500 and 1000 notes, which were declared illegal currency at that time. So that it can be supplemented as quickly as possible with a high denomination. After this target was met, the Reserve Bank of India itself had halted the printing of pink banknotes from the 2018-19 financial year.
2000 rupees Note: Why are people concerned about pink notes?