We have reported that the RBI has decided to stop the production of Rs 2,000 notes and it is no longer available in the Indian market.
It stated: “In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000/- at a time at any bank starting from May 23, 2023,” it stated.
Furthermore, the facility for exchange of Rs 2,000 bank notes up to the limit of Rs 20,000 at a time will be provided at the 19 Regional Offices of the RBI having issue departments from May 23.
Also, if we look at the timeline issued, the RBI says the limit for submission of Rs 2,000 notes is just Rs 20,000 per day, which means 10 per day can be exchanged at the bank and the last date is said to be September 30 starting from May 23.
There are 130 days between May 23 and September 30. Which means, one person can convert only up to Rs 26,00,000 in this period. Going by the analysis, this move also seems to be implemented to curb black money menace in the country.
Is the decision taken by the Central Bank a welcome move ahead of elections? As elections are soon approaching, the announcement has come as a shocker to many people. Wondering if this decision is taken to curb distribution of money during elections.
