RBI Takes Steps To Avoid Past Mistakes

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Notebandhi 2.0: RBI Takes Steps To Avoid Past Mistakes

| Updated: May 22, 2023 15:27

It should be mentioned that there were claims of people passing away while in queue to exchange bank notes in 2016 during the note ban. On Monday, RBI instructed banks to give customers waiting to exchange or deposit Rs 2,000 notes, shade from the sun and water.

There were worries about customers being inconvenienced after Friday’s announcement of the withdrawal of Rs 2,000 notes, which are still valid unlike the demonetisation exercise. 

“Banks are asked to offer adequate amenities at the branches such as shaded resting space, drinking water facilities, etc. taking into account the summer season,” the RBI stated in a notification on Monday. The announcement further specified that “all public counters must host the notes exchange. The banking regulator additionally requested that banks keep daily records of the deposits and exchanges of Rs 2,000 notes.” The majority of the withdrawn Rs 2,000 notes, according to Governor Shaktikanta Das, are anticipated to be returned by the deadline of September 30. Das also stated that this step was a part of the ‘Currency Management System.’

“Despite the financial market crisis brought on by the conflict in Ukraine and the failure of some Western banks, India’s currency management system is quite strong, and the exchange rate has remained constant.” state Das.

He added that “the withdrawal’s effect on the economy would be ‘very, very marginal’ and that the share of Rs 2,000 notes in circulation was only 10.8% of all notes in use.” He claimed that “the main reason for the introduction of Rs 2,000 notes was to replace the money that had been removed after the 2016 demonetisation.”

“Banks have been asked to make the required procedures for exchange, even though the withdrawn 2,000 rupee notes can either be deposited in bank accounts or exchanged for other currency.” Das stated.

“There is no need to be concerned because there are currently more than enough printed notes in the system, both at the RBI and in bank-operated currency chests. There is no reason to fear because we have enough supplies.” He added

He claimed that “RBI was considerate of the challenges people faced and would issue restrictions if necessary. Deposits of the withdrawn 2000 rupee notes will still be subject to the existing income tax obligation of providing PAN for deposits of Rs 50,000 or more in bank accounts.

According to Das, the system’s liquidity is regularly assessed.

Read Also: Notebandhi II: RBI Cancels Rs 2000 Notes, Gives Time Till Sept To Public

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