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RBI recalls 2000 Rs notes from circulation and what is Bank deposit per day ?

During the system of demonetization, the government proclaims the withdrawal of particular foreign money denominations from movement, normally bringing up reasons which include preventing black cash, curbing corruption, or disrupting illegal sports. The statement is commonly sudden and targets to create a feel of urgency to alternate or deposit the vintage foreign money.

To control the exchange procedure, withdrawal limits on cash transactions may be imposed to begin with to modify the flow of foreign money. This frequently results in long queues outdoor banks and ATMs as human beings rush to change their antique notes for brand spanking new ones or deposit them into their debts.

The demonetized currency notes which can be accrued are typically subjected to various measures to save you counterfeiting and make certain they may be nicely disposed of or recycled. The vintage notes can be changed with new currency notes of different denominations that have better protection functions to prevent counterfeiting.

Overall, demonetization is a complex method that includes the declaration of foreign money withdrawal, a delegated length for change, selling virtual transactions, and the advent of recent forex notes. Its purpose is to bring about various socio-economic modifications, but the achievement and impact of demonetization can vary relying on the precise context and implementation.

The Reserve Bank of India (RBI), on Friday, announced that Rs 2,000 notes can be withdrawn from circulation. It additionally set a cut-off date of September 30 for deposit or trade of Rs 2,000 notes at banks.

While this seems clear sufficient, the query arises whether or not you may trade all of your Rs 2,000 notes in a single go.

The RBI said that the public can change banknotes of Rs 2,000 up to a restriction of Rs 20,000 at a time. This approach that you could trade up to 10 Rs 2,000 banknotes in one go.

But if the equal is accomplished via enterprise correspondents, then the restrict is Rs four,000, which means that  banknotes.

However, what takes place if someone needs more than Rs 20,000 – which is the restriction for exchange at one go – coins for commercial enterprise or different functions? The RBI said that deposit into money owed can be made with out restrictions. “The Rs 2,000 banknotes may be deposited into bank accounts and cash necessities may be drawn thereafter, towards these deposits,” it said.

If a financial institution refuses to simply accept or trade Rs 2,000 banknotes then you can approach the concerned financial institution. If the financial institution does not reply inside a period of 30 days after the grievance or if you are not satisfied with the aid of the resolution then you can motel a complaint beneath the Reserve Bank of India’s Integrated Ombudsman Scheme at the complaint management machine portal.

On Friday, the RBI announced the withdrawal of Rs 2,000 notes from flow in line with its ‘Clean Note Policy’ that goals to make certain availability of properly satisfactory banknotes for the public. The RBI said that Rs 2,000 banknotes were brought to meet the currency requirement of the economy after the prison tender of Rs 500 and Rs 1,000 banknotes had been Withdrawn in November 2016. Since that goal has been fulfilled, the printing of Rs 2,000 banknotes changed into stopped in 2018-19.