What Compelled RBI to go for Rs 2000 denominations asked Civil Society?
Mohd Irfan
The Directive of the Reserve bank of India (RBI) to exchange Rs 2000 denominations has come as a surprise move on the part of RBI and which apparently left the customers to get ready to exchange their Rs 2000 Denominations. In the year of 2016, the denominations of Rs 500 and Rs 1000 being banned and RBI came out with a new Rs 500 denominations which too left the masses caught in a fix as how to exchange the Rs 500 denominations. In pursuance to such directive of the RBI serpentine queue had been seen in the different banks to exchange denominations.
As per the directive of the RBI time period has been mentioned to exchange Rs 2000 denominations. From 23rd May the time period starts till 30 September 2023 where in those who are having Rs 2000 denominations they will exchange their denominations with Rs 200 denominations or with the Rs 500 denominations.
About 19 branches set up or you can say notified by the RBI where in Customers can exchange their denominations”, RBI order reads adding, even different branches of the bank also being directed to exchange the Rs 2000 denominations. It is pertinent to mention here in since the year 2018 and 2019 the RBI not issued the Rs 2000 denominations resultant there in there is meagre circulation of the Rs 2000 denominations. Even the RBI has set the limit in exchange the Rs 2000 denominations meaning there by in Single day Rs 20000 rupees denominations only. If someone have Rs 50,000 denominations then in that eventuality need to visit three times before the bank. Even the Civil society opined that already prior they don’t forget the insurmountable hardships they had faced on account of prior denominations of Rs 500 and Rs 1000 notes. Now, this exchange of Rs 2000 denominations left us in precarious situation and worry us to go to the bank again lined up for hours which is a grave harassment and nothing else. What necessitated the government prior to issue the Rs 2000 notes when they have to do away with now.
