₹2,000 be aware withdrawal – Methods to trade them, is it a authorized tender and different questions answered

• The central financial institution has introduced the withdrawal of ₹2,000 notes from circulation.
• The RBI has given time until September 30, 2023 for folks to deposit or trade their ₹2,000 notes.
• Right here’s all the pieces you might want to know concerning the withdrawal of the ₹2,000 notes and whether or not you possibly can nonetheless use them.

The Reserve Financial institution of India (RBI) final week introduced that it’s withdrawing the ₹2,000 notes from circulation. Nonetheless, not like throughout the 2016 demonetisation, the central financial institution has offered ample time to get the notes exchanged.

The information of the withdrawal of the notes is producing loads of misinformation that’s being unfold on social media platforms and messaging functions. On this article, we assist dispel a few of these misconceptions and inform you how one can trade your ₹2,000 notes.

Can you continue to use ₹2,000 notes?

The central financial institution has acknowledged that the ₹2,000 notes will proceed to be authorized tender even after September 30, 2023. In the mean time, there isn’t a data from the federal government about when the notes will lose their authorized tender standing.

In accordance with a Enterprise Normal report, the ₹2,000 notes might lose the authorized tender standing across the finish of the yr because the central authorities needs to keep away from the inconvenience brought on throughout the 2016 demonetisation, when the authorized tender standing of ₹500 and ₹1,000 worth notes was ended instantly. Extending the authorized tender standing of ₹2,000 notes past September will give ample time to folks staying overseas and the nation’s missions to deposit any high-value notes they might have, with banks.

The report states {that a} notification withdrawing the authorized tender standing of the ₹2,000 notes could also be launched after September 2023.

Methods to trade ₹2,000 notes

There are two methods you possibly can eliminate your ₹2,000 notes, in addition to spending them.

Deposit into your accounts

The simplest means is to deposit the ₹2,000 notes into your checking account. You possibly can deposit ₹2,000 notes with none restrict in your financial institution accounts, topic to the prevailing know-your-customer (KYC) norms.

Trade at any financial institution

If you don’t want to deposit the ₹2,000 notes, you can even get them exchanged at any financial institution for notes of smaller denominations. Nonetheless, not like deposits, there’s a day by day restrict on the quantity that may be exchanged, to keep away from disruption of standard banking companies.

You possibly can trade as much as ₹20,000 per day, which equals to 10 notes of ₹2,000.

Methods to trade your ₹2,000 be aware

To trade your ₹2,000 be aware, all it’s a must to do is take these notes to your nearest financial institution between Might 23 and September 30, 2023. You possibly can trade ₹2,000 notes at any financial institution, even for those who would not have an account at that financial institution.

Do you want any ID or paperwork to trade ₹2,000 notes?

Amid on-line experiences that you will want an id proof to trade your ₹2,000 notes, the State Financial institution of India (SBI) has clarified that individuals won’t have to hold or present an id proof to trade their ₹2,000 notes at banks.

This additionally implies that one individual will be capable to make a number of exchanges on the identical day at totally different banks, regardless of the ₹20,000 restrict.

PIL filed difficult trade with out id proof

BJP chief and advocate Ashwini Kumar Upadhyay has filed a public curiosity litigation (PIL) within the Delhi Excessive Court docket difficult the RBI and SBI notifications that enable folks to trade their ₹2,000 notes with out having to current an id proof.

Upadhyay’s plea calls the choice arbitrary and irrational, and says it offends Article 14 of the Structure of India, and is therefore, inoperative.

Additional, Upadhyay has sought instructions for RBI and SBI to make sure that ₹2,000 notes are deposited in respective financial institution accounts solely in order that nobody can deposit black cash into others accounts.

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