RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender

itsbaman · 29th May 2023, 10:10

Quote:

Originally Posted by MBond007

As per his words, this action has been taken keeping the upcoming Assembly elections in mind.

When does it happen that there are no upcoming elections in India? At least 02 or more states go to elections every 4-5 months. The government banned 2000 notes just after the Karnataka elections, and now there is another upcoming election. With this logic, Government shouldn't do anything as there are upcoming elections every 4-5 months.

DigitalOne · 29th May 2023, 12:23

It is quite amusing to see that many in this thread so naturally assume that the opposition parties are the only ones who are using the 2000/- rs for election purposes

.

While criticizing the central government - rightly, in my opinion - by implying that the opposition parties have hoarded rs 2000/- and the central govt is trying to stifle it, are you giving the central govt a back-handed compliment

?

If mods feel this is too political, please delete it.

pramodkumar · 31st May 2023, 09:51

Quote:

Originally Posted by montsa007

Source : https://timesofindia.indiatimes.com/.../100461899.cms

These are propaganda pieces just to prove this move actually had some positive impact.

Pramod

saket77 · 31st May 2023, 11:15

Our maid gave us 4 notes of 2K and asked us to get it exchanged from bank. It is another matter that we ourselves had none

Thought that I will get it exchanged over the counter of a bank in the same building where I work; but I was informed that I will need original Aadhar and attach one copy with the requisition form. So, decided to deposit in my bank account itself. The teller at the counter asked if I am the owner of the account. Then she asked me to put the same signature I use to operate my account on the pay-in slip as I had put only my initials. Other than this sort of verification, the process went on smooth. Withdrew the money from an ATM and handed back to the maid in the evening.

montsa007 · 31st May 2023, 11:20

Yesterday we had went to shop where we regularly do business, and had to collect about 20K, shopkeeper asked if we're comfortable accepting 2K notes, to which we said no, so he gave another option "Take 50% of payment in 2K Notes", since we didn't have any other choice took it, now have to get rid of them

, each bank is doing their own process & paperwork when you try to dispose these notes, no wonder common man is queuing up at petrol pumps, Supermarkets to get rid of them.

Late evening I called another shopkeeper who had to pay some dues, asked him if he'll settle in 2K Notes or regular ones, he is a nice guy so said if I don't want 2K, he won't give 2K, also advised notes are functional, but its just that I don't need the headache of getting them exchanged neither do I plan to make unnecessary expenses to get rid of them.

NomadSK · 31st May 2023, 11:52

Now I hear banks will stop accepting the 2000rs Notes after 30th of Sep.

Quick question - Will it still be a legal tender after September ? I have few of these notes with me and I Don't intend to tavel to india before end of this year or early next year.

NomadSK

montsa007 · 31st May 2023, 12:31

Quote:

Originally Posted by NomadSK

Now I hear banks will stop accepting the 2000rs Notes after 30th of Sep.

Quick question - Will it still be a legal tender after September ? I have few of these notes with me and I Don't intend to tavel to india before end of this year or early next year.

NomadSK

Banks wont accept it after the deadline, you have to get it deposited in RBI.

thanixravindran · 8th June 2023, 15:12

RBI Governor updates today -

50% of 2000 notes are back in banks which is 1.8L crores out of 3.6L crores in circulation by end of March.

85% returns in the form of bank deposits.

https://www.businesstoday.in/latest/...749-2023-06-08

So banks got recapitalised and black got converted to white also?

montsa007 · 9th June 2023, 00:08

Many shopkeepers are denying accepting the 2k notes. Some on the pretext of "No change available", A guy even said "The note is no longer valid", explained him its valid upto September, then he changed his statement and said "Owner is not here, and I don't have keys to the cash box, so I cannot take 2k"

Gave him a 500, magically he got the cashbox key & gave the change.

Vegetable vendors are happy to accept it.

29th May 2023, 12:23	#122
DigitalOne BHPian Join Date: Sep 2010 Location: Bengaluru Posts: 204 Thanked: 3,204 Times	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender It is quite amusing to see that many in this thread so naturally assume that the opposition parties are the only ones who are using the 2000/- rs for election purposes . While criticizing the central government - rightly, in my opinion - by implying that the opposition parties have hoarded rs 2000/- and the central govt is trying to stifle it, are you giving the central govt a back-handed compliment ? If mods feel this is too political, please delete it.
	(5) Thanks

31st May 2023, 11:15	#124
saket77 Distinguished - BHPian Join Date: Dec 2012 Location: India Posts: 4,560 Thanked: 13,036 Times	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender Our maid gave us 4 notes of 2K and asked us to get it exchanged from bank. It is another matter that we ourselves had none Thought that I will get it exchanged over the counter of a bank in the same building where I work; but I was informed that I will need original Aadhar and attach one copy with the requisition form. So, decided to deposit in my bank account itself. The teller at the counter asked if I am the owner of the account. Then she asked me to put the same signature I use to operate my account on the pay-in slip as I had put only my initials. Other than this sort of verification, the process went on smooth. Withdrew the money from an ATM and handed back to the maid in the evening.
	() Thanks

31st May 2023, 11:20	#125
montsa007 BHPian Join Date: May 2023 Location: Mumbai Posts: 110 Thanked: 404 Times	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender Yesterday we had went to shop where we regularly do business, and had to collect about 20K, shopkeeper asked if we're comfortable accepting 2K notes, to which we said no, so he gave another option "Take 50% of payment in 2K Notes", since we didn't have any other choice took it, now have to get rid of them , each bank is doing their own process & paperwork when you try to dispose these notes, no wonder common man is queuing up at petrol pumps, Supermarkets to get rid of them. Late evening I called another shopkeeper who had to pay some dues, asked him if he'll settle in 2K Notes or regular ones, he is a nice guy so said if I don't want 2K, he won't give 2K, also advised notes are functional, but its just that I don't need the headache of getting them exchanged neither do I plan to make unnecessary expenses to get rid of them.
	(1) Thanks

31st May 2023, 11:52	#126
NomadSK BHPian Join Date: May 2023 Location: Riyadh Posts: 486 Thanked: 3,168 Times Infractions: 0/1 (5)	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender Now I hear banks will stop accepting the 2000rs Notes after 30th of Sep. Quick question - Will it still be a legal tender after September ? I have few of these notes with me and I Don't intend to tavel to india before end of this year or early next year. NomadSK
	() Thanks

8th June 2023, 15:12	#128
thanixravindran BHPian Join Date: Feb 2022 Location: Chennai Posts: 590 Thanked: 2,993 Times	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender RBI Governor updates today - 50% of 2000 notes are back in banks which is 1.8L crores out of 3.6L crores in circulation by end of March. 85% returns in the form of bank deposits. https://www.businesstoday.in/latest/...749-2023-06-08 So banks got recapitalised and black got converted to white also?
	(2) Thanks

9th June 2023, 00:08	#129
montsa007 BHPian Join Date: May 2023 Location: Mumbai Posts: 110 Thanked: 404 Times	Re: RBI to withdraw Rs 2,000 notes from circulation; notes will continue as legal tender Many shopkeepers are denying accepting the 2k notes. Some on the pretext of "No change available", A guy even said "The note is no longer valid", explained him its valid upto September, then he changed his statement and said "Owner is not here, and I don't have keys to the cash box, so I cannot take 2k" Gave him a 500, magically he got the cashbox key & gave the change. Vegetable vendors are happy to accept it.
	() Thanks