First day of Rs 2,000 note exchange: Small queues seen at some branches


NEW DELHI: Small queues formed at some bank branches Tuesday for the exchange of Rs 2,000 bills for smaller denominations as part of the withdrawal campaign.
According to the RBI According to the guidelines issued on Friday, the exchange of 2,000 rupees will be possible from Tuesday.
A person can exchange up to 20,000 rupees at a time without filling out any form or requisition.
In addition, the bidder is not required to provide proof of identity at the time of the exchange.
When the branches opened, there was not a great rush to the exchange. In the early hours of the morning, business was normal in the branches of private banks in major cities.
According to a senior official at a public sector bank, there hasn’t been a major rush so far because there is a four-month window for exchanges and the currencies in circulation are also comparatively shorter compared to demonetization.
It should be noted that 86 percent of India’s cash in circulation was declared invalid on November 8, 2016.
This time, however, Rs 2,000 notes remain legal tender.
The official said that as far as depositing accounts is concerned, it is business as usual and there is no big rush so far. Deposits are accepted according to applicable policies.
The RBI surprisingly announced on Friday it would withdraw Rs 2,000 worth of notes from circulation, but gave the public until September 30 to either deposit these notes into accounts or exchange them at banks.
Unlike the shocking demonetization of November 2016, when the old Rs 500 and Rs 1,000 notes became invalid overnight, the Rs 2,000 notes remain legal tender.
RBI Governor Shakktanta Das on Monday said there was plenty of time available for exchanges and depositing into bank accounts so people shouldn’t panic.
There is a more than sufficient amount of printed banknotes in the system not only at RBI but also in the cash boxes operated by the banks, he said.
“So there are enough supplies and there is no need to worry at all. We have more than enough supplies,” he said.
The governor also said that RBI is aware of the difficulties that people on extended overseas visits or living abroad on work visas may face.
“It will be our endeavor to respond to people’s difficulties and complete the whole process smoothly,” he said.
When asked about the return of black money into the system, he said there is a set procedure for depositing money into your account or exchanging cash.
“What we said is that the existing requirements or the existing procedures have to be followed by the banks. We have not released an additional procedure. You must be aware that if you deposit cash over Rs 50,000, there is an income tax regime.” You must provide your PAN. So the existing rules apply,” he said.

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