People will be able to start the process of changing notes from May 23. There will be a facility to change only 2000 thousand rupees at a time.
The Reserve Bank of India (RBI) has stopped the circulation of Rs 30,23 notes. The Reserve Bank of India (RBI) has asked banks to allow banks to deposit and exchange Rs 2000 notes by September 30. People will be able to start the process of changing notes from May 23. There will be a facility to change only 2000 thousand rupees at a time.
The Reserve Bank of India (RBI) on Friday announced that Rs 2023,23 notes will cease to be legal tender after September 30. This value note can be exchange d in banks from May 23. Rbi said that the 2000 rupee notes currently in circulation will continue to be legal tender. Rbi has asked banks to provide facility to deposit and exchange these notes by September 30. Banks will be able to exchange Rs 2000 notes from May 23.
Rs 1000 and Rs 500 notes were demonetised in 2016 and Now Rs 2000.
However, only Rs 2000 ,2016 notes will be exchanged at a time. Rbi has asked banks to stop issuing 500, 1 rupee notes with immediate effect. The RBI had introduced Rs 2000,500 notes after demonetisation of old Rs 500 and Rs 1000,notes in November.
After the 2016 demonetisation decision, there was a lot of chaos. People were see in long queues outside the ATM. The situation was that the cash had virtually disappeared from the market. People were desperate for money.
The government said that this decision will be effective in curbing terror funding and fake currency. But neither terror funding could stop after that nor fake currency. Sources say that the Reserve Bank believes that black money is often kep t in the form of big currency. For this reason, this decision has now been take on two thousand rupees note.