CIRCULATION OF Rs. 2000 NOTES TO BE STOPPED: ALL YOU NEED TO KNOW ABOUT THE PROCEDURE





Yesterday  The Reserve Bank of India announced that the circulation of 2000 rupee notes will be stopped but 2000 rupee notes will continue to be legal tender. 

RBI has advised people to deposit the notes in their bank accounts or exchange them for other currency notes at any bank branch. One can exchange ten notes of Rs. 2000 (i.e. Rs. 20000) at once. The exchange facility to exchange the notes will start on 23rd May and will continue till 30th September 2023.

19 regional offices of RBI (that will also have issue departments) will be acting as exchange points till the end of September.

Deposits in the banks can be made in the usual manner. The RBI has asked the banks to stop issuing Rs. 2000 notes with immediate effect. The circulation of 2000 rupee notes will be stopped but they will remain legal tender even after the withdrawal date so people can continue using them for transactions and accept them as payment.

REACTIONS FROM POLITICAL LEADERS AND FAMOUS PERSONALITIES

BJP leader Sushil Kumar Modi sees this decision as a “ second surgical strike on black money”

The former finance 

   

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