Deadline to exchange or deposit Rs 2,000 notes by September 30; non-compliance may result in legal consequences.
The deadline for depositing or exchanging Rs 2,000 notes at banks is September 30. The Reserve Bank of India (RBI) announced on May 19 that it would phase out Rs 2,000 denomination banknotes and set this deadline for the public to either submit or exchange these notes. According to RBI, Rs 2,000 notes worth Rs 24,000 crore are still in circulation.
Under the new rules, holding Rs 2,000 denomination notes after September 30 may be considered a crime. There has been speculation about the potential consequences of missing this deadline, given the significant amount of Rs 2,000 notes still in circulation. It is believed that RBI might extend the submission deadline in such a scenario.
It's worth noting that in 2016, following the ban on Rs 500 and Rs 1,000 notes, the government deemed it a punishable offense to possess these denominations. Those found with more than 10 old notes of Rs 500 or Rs 1,000 faced a minimum fine of Rs 10,000, with provisions for imprisonment. It is expected that similar penalties may apply to Rs 2,000 notes after September 30.
In 2017, the Specified Bank Notes Act was enacted by the Parliament with the goal of curbing the parallel economy. The act also restricts the possession of more than 10 pieces of old notes for study, research, or numismatics, punishable by law.
The decision for demonetization in 2016, which included the withdrawal of Rs 500 and Rs 1,000 notes, was made by the Central government under Prime Minister Narendra Modi based on RBI recommendations. The goal was to eliminate unaccounted money and counterfeit notes from the financial system. This law prohibits the possession, transfer, or receipt of old Rs 500 and Rs 1,000 currency notes after December 31, 2016.
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