News2News.in Explainer: The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 notes. After the news of the closure of the circulation of these notes came to the fore, even though there is no difference on the general public, but the political parties have definitely started targeting the Center. The opposition is reminding the people of 2016, when people were facing a lot of problems due to the announcement of demonetisation by the Modi government. Please tell that this decision of demonetisation was taken seven years ago, but now the circumstances have changed. RBI says that 2000 notes were issued in 2016 so that there is balance in the market. Now that bank notes of other denominations have become available in sufficient quantity, the purpose of introducing two thousand rupees into circulation has been fulfilled. This was the reason that the printing of Rs 2000 notes was stopped in 2018-19. By that time bank notes of other denominations had become available in sufficient quantity. RBI has also pointed out that about 89 per cent of the Rs 2000 denomination banknotes were issued before March 2017. In the present era, notes of other denominations are now in sufficient numbers, so now 2000 notes are being completely removed from the market. So, in News2News.in Explaner, we will tell you the whole process of demonetisation and replacement of 2000 notes.
1. What is the new rule of RBI
The Reserve Bank of India has now decided to close the 2000 notes. However, these notes will not be invalid now and will remain valid till September 30, 2000. These can be easily changed by visiting any bank.
2. When will the new rule be valid
The Reserve Bank of India has written in its order that it is taking the 2000 note out of circulation. No date or time has been given for this, that is, this decision has come into force with immediate effect.
3. The process of changing notes will start from May 23
From May 23, 2000 notes can be changed by going to banks. People have to keep in mind that a maximum of Rs 20,000 worth of notes can be exchanged at a time. This process will start from 23 May and will end on 30 September 2023.
4. Where and how to exchange 2000 notes
RBI has issued orders to the banks to exchange the notes. 2000 note can be changed by going to the bank. From May 23 to September 30, 2023, notes can be easily exchanged during bank working hours.
5. Notes can be changed even without a bank account
As per RBI rules, those who do not have a bank account can also go to any bank branch and exchange 2000 notes up to a limit of 20000 at a time. Whereas, if you have an account, you can deposit any number of 2000 notes.
6. Not much effect on common people
In 2016, the central government issued new notes of 2000 and 500, taking out 500 and 1000 notes from the market by demonetizing them. At that time common people had to stand in long queues to get new notes. In the beginning, the limit for withdrawing money from ATM was also very less. Now again the order to exchange 2000 notes has been issued, but this time especially the common people will not have to face much trouble as compared to before.
7. What is Clean Note Policy
RBI has decided to withdraw 2000 notes under the clean note policy. Clean note policy was brought by RBI in 1988, whose job is to provide good quality notes in the market.
8. What will happen to 2000 notes after 30 September?
After 30 September 2023, the 2000 note will remain just a piece of paper. Before this, it would be better to go to the bank and exchange the notes.
9. Is it demonetisation
No, it is not demonetisation. 2000 rupee notes will be fully valid till 23 September. They are not being closed. RBI feels that the purpose for which they printed 2000 notes has now been fulfilled. For this reason this decision has been taken.
10. When was the first demonetisation
Demonetisation has a long history in the country. Even before independence, the country has seen demonetisation. High denomination notes were first demonetised on 12 January 1946 by Sir Archibald, the Viceroy and Governor General of India. At that time, an order was issued to stop all notes of more than 100 rupees in the whole country. The second demonetisation took place on 8 November 2016 during the tenure of Prime Minister Narendra Modi.