The Reserve Bank of India on Friday announced the withdrawal of Rs 2,000 notes from circulation but gave time till September 30 to the public to deposit such notes in accounts or exchange them at banks. Unlike the shock demonetisation of November 2016 when old Rs 500 and Rs 1,000 notes were invalidated overnight, Rs 2,000 notes will remain valid till September 30.
Reportedly, the RBI stopped printing Rs 2,000 notes in 2018-19 and the notes were hardly in circulation.
Read also: Withdrawal of Rs 2,000 notes will help curb black money ‘to a great extent’: Former RBI DG
The Rs 2,000 denomination bank note was introduced in November 2016, primarily to rapidly meet the economy’s need for currency after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes in circulation at the time. to do.
The RBI said it has also been observed that Rs 2,000 denomination notes are not commonly used for transactions. In addition, the stock of bank notes of other denominations remains sufficient to meet the currency requirement of the public.
2000 note deposit limit
Deposits in bank accounts can be made in the normal manner, i.e. without any restrictions and subject to extant instructions and other applicable statutory provisions.
How to identify fake Rs 2000 note
Handling current stock and receivables
RBI has said that all banks will stop issuing bank notes of Rs 2000 denomination. ATM/Cash Recyclers can also be reconfigured accordingly.
Banks maintaining currency chests (CCs) shall ensure that withdrawals in denominations of Rs 2000 and above are not permitted from the CCs. All balances held in CC will be classified as unutilized and will be kept ready for remittance to the respective RBI offices.
Read also: RBI to withdraw Rs 2,000 notes: Here are 5 key points to know
All notes in this denomination received by banks will be immediately sorted through Note Sorting Machines (NSMs) for accuracy and authenticity and deposited in currency chests under the linkage scheme or kept ready for dispatch to the nearest Issue Office of RBI Will go
RBI Master Direction dated April 03, 2023 contains instructions on Detection, Reporting and Monitoring counterfeit note will be strictly followed.
The steps to check with the image of the note are listed below for better understanding of Rs 2000 notes.
counterfeit notes
The authenticity of the banknotes presented over the counter will be checked through machines. Similarly, banknotes received directly through bulk tenders in the Back Office/Currency Chest will also be screened through machines.
Customer no credit have to account for counterfeit noteIf any, is found in the tender received over the counter or in the back-office/ currency chest.
In any case, the counterfeit notes will not be returned to the tenderer or destroyed by the bank branches. Failure of banks to impound counterfeit notes would be deemed to be willful involvement of the bank concerned in circulation of counterfeit notes and would attract penalty.
confiscation of counterfeit notes
Counterfeit currency refers to counterfeit money or currency notes that are produced illegally and used to defraud people or defraud the economy.
Notes determined as counterfeit will be stamped as “Counterfeit Note” and impounded in the format prescribed by the Reserve Bank of India. Each such seized note shall be entered in a separate register under authentication.
The Reserve Bank of India had introduced new design banknotes in the denomination of Rs 2000 as part of the Mahatma Gandhi (New) series.
The reverse of the note bears the motif of Mangalyaan, which depicts the country’s first venture into interplanetary space. The base color of the note is Magenta. The note has other designs, geometric patterns that align with the overall color scheme, on both the obverse and reverse. The size of the new note is 66mm x 166mm.
How to check 2000 rupee note?
1. Look through register with denominational numeral 2000
2. Latent image with denominational numeral 2000
3. Denomination numeral 2000 in Devanagari
4. Portrait of Mahatma Gandhi in the center
5. Micro letters ‘Bharat’ and ‘India’
6. Security thread with color shift window with inscriptions “India’, ‘RBI’ and ‘2000’. The color of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Promise Clause with Governor’s Signature and RBI Emblem to the Right of Mahatma Gandhi’s Portrait
8. Mahatma Gandhi Portrait and Electrotype (2000) Watermark
9. Number panel with numerals in ascending font on top left and bottom right
10. Denomination numeral with rupee symbol, (₹2000) in color changing ink (green to blue) at bottom right
11. Ashoka Pillar emblem on the right
some features for the visually impaired;
12. Mahatma Gandhi portrait (4), intaglio of the Ashoka Pillar emblem (11), horizontal rectangle mark with ₹2000 on the right, seven angular bleed lines on the left and right
13. Year of printing of the note on the left side
14. Swachh Bharat Logo with Slogan
15. Language Panel
16. Shape of Mangalyaan
17. Denomination numerals in Devanagari
Further, in order to complete the exercise in a time-bound manner and to provide sufficient time to members of the public, the RBI has asked all banks to provide deposit and/or exchange facilities for Rs 2,000 notes by September 30.
Also, the facility of exchange of Rs 2,000 banknotes up to a limit of Rs 20,000 at a time will also be provided at 19 Regional Offices (ROs) of RBI with issued departments from May 23.
According to RBI, around 89 per cent of the Rs 2,000 denomination notes were issued before March 2017 and are at the end of their estimated life span of 4-5 years.
The total value of such banknotes in circulation has declined from Rs 6.73 lakh crore at its peak (37.3 per cent of the notes in circulation) to Rs 3.62 lakh crore as on March 31, 2018, which is only 10.8 per cent of the notes in circulation. March 31, 2023.
In January 2014, the RBI announced the withdrawal of all banknotes issued before 2005 from circulation.
(with agency inputs)