After the decision to withdraw the currency, almost 90 per cent of the cash received is of Rs 2,000 notes, the Punjab Petroleum Dealers Association said on Thursday.
The Rs 2,000 currency notes were introduced in the market after Modi government's demonitisation move when Rs 500 and Rs 1,000 currency notes were banned in November 2016.
Rs 2,000 note ban: PNG Jewellers Chairman and Managing Director Saurabh Gadgil said, "The practice of taking Rs 2,000 notes in lieu of gold at a premium rate is something that may exist only in the unorganised sector. The organised jewellery players stay miles away from such things."
P Chidambaram on Rs 2,000 note: Chidambaram said that he expected the Government of India to reintroduce the Rs 1,000 currency note in the market and added that withdrawing Rs 1,000 and Rs 500 currency notes were a grave mistake and not accepted by the people of the country.
The exchange of Rs 2,000 notes into bank notes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023, the RBI said.
Rs 2,000 notes to be withdrawn: The demonetisation witnessed a number of stories some of them were hilarious while others were heart-rending.
The RBI said that people can exchange of Rs 2,000 notes into currency notes of other denominations up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
RBI withdraws Rs 2,000 note: Rs 2,000 denomination banknote was introduced in Nov 2016, primarily to meet the currency requirement of economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.
Reserve Bank of India asked people to exchange Rs 2,000 at banks by September 30, 2023. The facility for exchange of Rs 2,000 bank notes up to the limit of Rs 20,000 at a time.
RBI Grade B Officer Recruitment 2023: Eligible and interested candidates can fill in the RBI Grade B 2023 application form online through the official website-- rbi.org.in till June 9 (till 6 PM).
The Statutory Inspection for Supervisory Evaluation (lSE) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2021, and the examination of the risk assessment report and all related correspondences pertaining to the same revealed, it noted.
Benchmark Interest Rate: RBI is expected to hike the benchmark interest rate by 25 bps to bring down retail inflation and keep pace with global peers.
The Reserve Bank of India has allowed banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees. This decision is expected to boost India's exports and help avoid wartime international sanctions.
The RBI said that the eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
Reserve Bank Governor Shaktikanta Das rejected speculations about Indian banks may have exposure to ongoing market turbulence prompted by the Adnai row.
Home, car loan EMIs set to rise again as RBI hiked interest rate by 25 BPS to 6.5%
The observations in the RBI's Report titled 'State Finances: A Study of Budgets of 2022-23' comes in the backdrop of Congress-ruled Himachal Pradesh becoming the latest state to announce reverting to the Dearness Allowance (DA) linked Old Pension Scheme (OPS).
Retail inflation in December 2022: The Consumer Price Index based retail inflation was at 5.88 per cent in November 2022 and 5.66 per cent in December 2021.
Amid global shocks and challenges, the Indian economy presents a picture of resilience and the regulators are ready to take appropriate actions to preserve financial stability, RBI Governor Shaktikanta Das said.
RBI stopped printing the Rs 2,000 currency notes 3 years back. There is information that people have hoarded it and it is being used for terror funding, drug trafficking and black money, Sushil Modi said.
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