The facility to exchange Rs 2,000 banknotes across the counter should continue as it was earlier and banks must provide appropriate infrastructure at all branches to customers, the Reserve Bank of India (RBI) said in a notification on Monday.
It said that the note will continue to remain legal tender.
“The facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier,” it said. “Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc considering the summer season.”
It added that banks must also maintain daily data on deposits and exchange of these banknotes in a format that contains the bank name, date of exchange, amount of Rs 2,000 notes exchanged, and the amount of Rs 2,000 deposited.
Addressing the media on Monday, RBI governor Shaktikanta Das said that after September 30, the further decision will be taken based on the number of notes deposited in the country’s banking system.
“It will be our endeavour to address the difficulty of people,” he said.
He added that this step is part of RBI’s currency management operations.
This comes days after the central bank announced that it shall withdraw Rs 2,000 notes completely from circulation in the economy by September 30, under its “Clean Note Policy”. However, the note continues to be legal tender.
“With a view to minimise inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time,” it said.
However, the customers are allowed to deposit Rs 2,000 notes into accounts in the usual manner.
“The facility for exchange of Rs 2,000 banknotes shall be provided to all members of the public by all banks through their branches,” it said.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Read original article here
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by
email – admin@newsazi.com. The content will be deleted within 24 hours.
