#2000 notes withdrawn from circulation rbi

[acquisory]

Demonetization of the Indian Currency - Effect on the Economy

“A recent move of the Central Government exercising its powers u/s 26(2) of the Reserve Bank of India Act, 1934, to withdraw the legal tender character of existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by Reserve Bank of India (RBI) is unprecedented. The demonetization of ₹ 500 and ₹ 1000 banknotes was a policy enacted by the Government of India on 8th November, 2016. All ₹ 500 and ₹ 1000 banknotes of the Mahatma Gandhi Series ceased to be legal tender in India from 9th November, 2016”

What is Currency Demonetization?

It is a radical financial step in which a currency unit’s status as a legal tender is declared invalid. This move is usually executed when old currencies have to be replaced by new one’s or whenever there is a change of national currency.

In a historical move that may record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India decided that 500 and 1000 notes will no longer be legal tender from midnight, 8th November, 2016.

The Government of India has taken this step of demonetization of ₹ 500 and ₹ 1000 banknotes with the intention to curb financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating unaccounted Money which casts a long shadow of parallel economy on our real economy, effect has taken place from the expiry of the 8th November, 2016.

The banknote denominations of ₹ 100, ₹ 50, ₹ 20, ₹ 10 and ₹ 5 of the Mahatma Gandhi Series continued to remain as legal tender and were unaffected by the policy.

History and Background:

Erstwhile Government had taken similar measures in the past for demonetization of currency. In January 1946, currency notes of 1000 and 10,000 rupees were withdrawn and new notes of 1000, 5000 and 10,000 rupees were introduced in 1954. The Janata Party coalition government had again demonetised notes of 1000, 5000 and 10,000 rupees on 16 January 1978 to curb counterfeit money and black money.

On 28th October, 2016 the total currency in circulation in India was Rs. 17.77 Lakh crore (US$ 260 billion). In terms of value, the annual report of Reserve Bank of India (RBI) of 31st March, 2016 stated that total bank notes in circulation valued to Rs. 16.42 lakh crore (US$ 240 billion) of which nearly 86% (around ₹ 14.18 lakh crore (US$ 210 billion)) was ₹ 500 and ₹ 1000 banknotes. In terms of volume, the report stated that 24% (around 2203 crore) of the total 9026.6 crore banknotes were in circulation.

After the official announcement by Prime Minister Modi, the Governor of the Reserve Bank of India, Urjit Patel, and Economic Affairs secretary, Shaktikanta Das explained in a press conference that while the supply of notes of all denominations had increased by 40% between 2011 and 2016, the ₹500 and ₹1000 banknotes increased by 76% and 109% respectively in this period owing to forgery. This forged cash was then used to fund terrorist activities against India. As a result the decision to eliminate the notes had been taken.

Brief Overview of the Demonetization Scheme:

The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetized banknotes with new ₹ 500 and ₹ 2000 banknotes of the Mahatma Gandhi New Series and ₹ 100 banknotes of the…

Read more: https://www.acquisory.com/ArticleDetails/23/Demonetization-of-the-Indian-Currency--Effect-on-the-Economy

[journalsmente]

Rs 2000 note exchange begins today

Banks make adequate arrangements; no plan to reintroduce Rs 1,000 notes, says RBI governor.

MUMBAI: A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). 

The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

“Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

[mediagraph]

Rs 2000 note exchange begins today

Banks make adequate arrangements; no plan to reintroduce Rs 1,000 notes, says RBI governor.

MUMBAI: A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

“Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

The impact of the withdrawal on the economy will be “very very marginal”, he said, adding Rs 2,000 currency notes made up for just 10.8% of the total currency in circulation. While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchanged for other denomination notes, banks have been advised to make necessary arrangements for exchange.

[all-about-news24x7]

Currency Notes of 2000/_ denomination To Be Withdrawn

[] Mumbai Bureau | Financial Correspondent The Reserve Bank of India (RBI) on Friday announced its decision to discontinue the circulation of ₹2,000 denomination notes. They will, however, continue to be legal tender. Those in possession of these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, 2023. The press statement of the apex bank read: “In…

[techminsolutions]

RBI Announces Withdrawal of ₹2000 Banknotes as Legal Tender by September 30

Withdrawal of ₹2000 banknotes. ₹2000 banknotes will no longer be considered legal tender after September 30, as announced by the Reserve Bank of India (RBI). The RBI has instructed banks to offer deposit and/or exchange services for ₹2,000 notes until September 30, 2023. While the ₹2000 currency note will be withdrawn from circulation, it will still retain its status as legal tender. The…

[lawyersernakulam-blog]

ABOUT THE SCHEME OF WITHDRAWING OLD HIGH DENOMINATION NOTES

In a move to curb corruption, black money and fake currency circulation and terrorism funding, PM Narendra Modi declared that currency notes of Rs 1000 and Rs 500 denomination will not be legal tender and would be

void from the midnight of 9th November 2016. Moreover, new notes of Rs. 500 and 2000 will be printed by RBI. The rationale behind this scheme of the BJP Government is that there is circulation of fake currency notes of high denomination such as Rs. 500 and Rs. 1000 in the economy and are mostly used by terrorists for illegal activities and by black money hoarders. As a consequence of withdrawal of these high denomination notes by the Government from the economy, the old high denomination (OHD) notes cannot be used by public to transact for any purpose except at government bus stands for travel by state government or state PSU buses and railway stations (till 72 hours from the date of notification), Public sector Petrol Pumps (till midnight of 11th November), government hospitals and government dispensaries (till 72 hours from the date of notification), co-operative societies (till 72 hours from the date of notification), Government dairies (till 72 hours from the date of notification), airports (till 72 hours from the date of notification) but they have to maintain a register for the same.

OHD notes can be exchanged by people at all Issue Offices of RBI and branches of commercial banks/Regional Rural Banks/Urban Co-Operative Banks/State Co-operative Banks or at any Head Post Office or Sub-Post Office

from 10th November 2016 to 30th December 2016. If within this time period any person is unable to exchange the OHD notes, then an opportunity will be given to him/her to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India. For instance, if a person is not there in India during this period, then he/she may authorize in writing enabling another person in India to deposit the notes into the former’s bank account and the authorized person will have to come to the bank branch with the OHD banknotes, the authority letter given by the person and a valid identity proof such as Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

The limit for exchanging OHD notes in cash is Rs 4000 per person and anything claimed over and above will be receivable by way of credit to bank account. In case the amount to be exchanged exceeds Rs 4000, any branch of a bank, where an account is held by the person concerned, will credit the account of the holder and any branch of any other bank, where an account is not held by such person, can also credit his account on production of valid identity proof and bank account details for electronic fund transfer to his account. But a foreign tourist can purchase foreign exchange equivalent to Rs 5000 using the OHD notes at airport exchange counters within 72 hours after the notification but only if he/she is able to produce a proof of purchasing the OHD notes.

For making payments above Rs. 4000,

The bank account balance has to be used to pay via cheque or electronic means of transfer such as internet banking, mobile wallets, immediate payment service (IMPS), credit/debit cards etc and in the absence of a bank account, the person concerned has to open a new bank account.

The cash that can be withdrawn from Banks against withdrawal slip or cheque is subject to ceiling of Rs10, 000/- in a day within an overall limit of Rs.20, 000/- in a week (including withdrawals from ATMs) and this limit is applicable up to 24th November 2016.

The cash can also be withdrawn from ATMs from 11th November 2016 up to a maximum of Rs.2, 000/- per card per day up to 18thNovember, 2016. This limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

Although this move will cause short-term inconvenience to public at large, but as a long term benefit, there will be a boost to the banking sector liquidity because there will be bank deposit growth as new bank accounts would be opened by people who did not have any account earlier in order to deposit the OHD notes instead of exchanging them for new notes; real currency circulation would increase in the economy; and with black money brought under legitimate channels, the government’s tax revenue collections would get a boost. As a result, the economy and the banking system would benefit as a large part of the black economy will eventually become a part of the formal economy.

[aminalatif]

fake note: Your Rs 100 note is more likely to be counterfeit

NEW DELHI: You are more likely to come across a fake Rs 100 note than fake currency in any other denomination.

Counterfeit notes of Rs 100 denomination continue to dominate the fake Indian currency note (FICN) segment with 45.75 per cent of the fake notes recovered in 2017-18 being of Rs 100 denomination, according to the Reserve Bank of India’s (RBI) annual report for the year 2017-18.

The central bank detected 36.1 per cent of the total 522,783 fake notes last fiscal — a nine-fold increase from 4.3 per cent in 2016-17, the yearly report revealed. This data came to light primarily on the back of processing of notes withdrawn from circulation after demonetisation.

The remaining fake notes were detected by the regular banks.

The number of counterfeit notes of the redesigned Rs 500 and the new Rs 2,000 increased nearly 50 times and 28 times, respectively, in the last fiscal compared to the previous financial year. The crisis of fake Rs 2,000 notes is more alarming as their supply was cut by 23 times in 2017-18 vis-a-vis 2016-17.

It is important to note here that the new Rs 2000-notes were only introduced into the system couple of days after demonetisation kicked in on November 8, 2016.

In the annual report that was released on Wednesday, the RBI said that the processing of Rs 500 and 1,000 banknotes was complete, adding that 99.3 per cent of the notes, worth Rs 15.3 lakh crore have been returned to the banks.

The post fake note: Your Rs 100 note is more likely to be counterfeit appeared first on Watch Online Pakistani Dramas.

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