#rs 2000 note

The Reserve Bank of India (RBI) has defended before the high court its notification, saying it is not demonetisation but a statutory exercise.

NEW DELHI: The Delhi High Court on Monday dismissed a plea challenging notifications enabling the exchange of Rs 2,000 currency notes without any requisition slip and ID proof.

A bench of Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad rejected the petition, which has challenged the notifications by the RBI and SBI enabling the exchange of Rs 2,000 banknotes without requisition slip and identity proof.

A detailed order is awaited.

Petitioner and advocate Ashwini Kumar Upadhyay submitted that a large amount of currency has reached either an individual’s locker or has “been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people”.

The plea submitted that the notifications were arbitrary, irrational and offend Article 14 of the Constitution.

Banks make adequate arrangements; no plan to reintroduce Rs 1,000 notes, says RBI governor.

MUMBAI: A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). 

The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

“Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

Banks make adequate arrangements; no plan to reintroduce Rs 1,000 notes, says RBI governor.

MUMBAI: A day before the Reserve Bank of India opens the window for exchange of Rs 2,000 denomination currency notes, RBI governor Shaktikanta Das on Monday dismissed rumours of a new Rs 1,000 currency note being in the works. “There’s no such proposal right now,” he told reporters here on Monday in his first media interaction after the decision to withdraw the highest denomination note from circulation last Friday.

As the window for customers to exchange Rs 2,000 notes in their possession will start on Tuesday, Das said there is no need to panic. Urging the public not to rush to banks, he said enough time has been given to exchange the notes. He reiterated the notes will remain legal tender (valid for transaction). The RBI governor’s comments came after reports said people and businesses have stopped accepting Rs 2,000 notes as a mode of payment.

“Let me clarify and re-emphasise that it is a part of the currency management operations of the Reserve Bank. For a long time, the Reserve Bank has been following a clean note policy,” he said, adding: “From time to time, RBI withdraws notes of a particular series and issues fresh notes. We are withdrawing the Rs 2,000 notes from circulation but they continue as legal tender.”

He expects most of the notes to be returned to the exchequer by the deadline of September 30 and no scarcity of other notes. “We have given a deadline so that the process will be taken seriously. We can’t leave it open-ended,” he said.

RBI has urged the public to exchange or deposit these notew by September 30. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry,” Das clarified.

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Not even a single Rs 2000 note was printed by RBI in 2019-2020

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The Reserve Bank of India (RBI) did not print even a single note of Rs 2000 in the year 2019-2020. The reason behind the step was simple. There was no demand for the Rs 2000 currency note. On the other hand, digital transactions have increased too. The banks have been demanding smaller denomination notes because their customers ask for it Take a look at the report to know more

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RBI Annual Report: Bank Frauds More Than Double In FY20 To ₹1.85 Trillion; Check More Details

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New Delhi:In its annual report Reserve Bank of India has come up with interesting data around the economy spanning from banking frauds to the number of notes printed besides projecting the country’s annual growth. Of all the details in the report released on Tuesday, the central bank noted that frauds reported by banks of ₹100,000 and above have more than doubled in value to ₹1.85…