Team-BHP
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Quote:
Originally Posted by sgiitk
(Post 4652399)
...I do not think the 2000 note surviving for long. Most likely not demonetized but essentially quietly withdrawn...
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Your prediction has come true! Any other insights?
Quote:
Originally Posted by m8002?
(Post 5550707)
The RBI has now banned the 2000 Rs notes
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King Lear, Act 4, Scene 1
Quote:
I' th' last night's storm I such a fellow saw,
Which made me think a man a worm...
As flies to wanton boys are we to th' gods,
They kill us for their sport.
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You have had your run; you can run no more.
Rest in peace pink beauty, rest in peace!!!
This Karnataka elections, so many people received Rs. 2000/- to cast their votes. Many took the money but voted for a different party.
Is this mini-demonetisation a silent message to the voters who took the money but failed to vote for the party advised?
Or was it delayed just to give a way for our beloved leaders to get rid of the hordes of Rs. 2000/- they had accumulated over the past few years?
So many confusing thoughts over the timing.
Quote:
Originally Posted by wildsdi5530
(Post 5550769)
This Karnataka elections, so many people received Rs. 2000/- to cast their votes. Many took the money but voted for a different party.
Is this mini-demonetisation a silent message to the voters who took the money but failed to vote for the party advised?
Or was it delayed just to give a way for our beloved leaders to get rid of the hordes of Rs. 2000/- they had accumulated over the past few years?
So many confusing thoughts over the timing.
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This move may not be targeted at the voters who have 1-2 notes and have next few months to dispose it off. Instead the cash horders will face a challenge exchanging bulk cash at the banks.
Quote:
Originally Posted by m8002?
(Post 5550707)
The RBI has now banned the 2000 Rs notes.
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It is not banned, it is being withdrawn. It remains legal tender for now. Those who have it can exchange it over the next few months.
I haven't seen a ₹2000 note in years. ATMs haven't disbursed it in 3-4 years. I doubt this will affect anyone but hardcore black money hoarders.
Quote:
Originally Posted by m8002?
(Post 5550707)
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Banned isn't the right term for it, its still legal tender.
Quote:
Originally Posted by Samurai
(Post 5550860)
It is not banned, it is being withdrawn. It remains legal tender for now. Those who have it can exchange it over the next few months.
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True. The RBI release states the same - "Withdrawal from Circulation; Will continue as Legal Tender."
The deadline for depositing these notes into your Bank account is stated as 30th September 2023. Banks are not to reissue these notes, ensuring withdrawal from circulation in a progressive manner.
The second part of the release though may not be very practical - expect increase in refusal to accept the denomination. Depositing the notes would entail increase in wait times at the teller counters.
Personally, it's not much of an issue as cards and UPI have really transformed the way consumers pay for products.
One thing is not clear. If I go to the bank on 15th October and try to deposit 2000 rupee notes in my account, will the bank accept it?
Quote:
Originally Posted by warrioraks
(Post 5550901)
One thing is not clear. If I go to the bank on 15th October and try to deposit 2000 rupee notes in my account, will the bank accept it?
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If the same approach is adopted as done at the time of demonetization, then you may have to go to special counters set up by RBI for the purpose with suitable justification as to why you could not deposit it within the deadline.
This is not a scary situation like demonetization, but the timing of the decision after the Karnataka Assembly elections raises a question. Obviously, people who have stacked this high-denomination currency will be easily identified, but for the common man, there is not much adverse effect on daily transactions.
Good decision by the government on the 2000 rs note!
With the all pervasive digital payment infra now, I can't think of a reason for using the 2000 rs note unless you want to do tax evasion.
Quote:
Originally Posted by aspire
(Post 5550866)
Banned isn't the right term for it, its still legal tender.
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It's legal only on paper. No one in their right minds would accept the Rs 2000 note now for daily transactions.
But that being said, it is very uncommon to see a Rs 2000 note in circulation now. My wife, who is a bank employee, told me they haven't loaded Rs 2000 denomination notes in their ATMs for nearly three years now. I personally haven't seen or used Rs 2000 note since a long time.
I expected people to rush & show up in the bank where my wife works to exchange/deposit Rs 2000 notes, but no one came for that purpose.
It clearly means very few people had been hoarding Rs 2000 notes in large numbers and it is they who will be in trouble, not the common man.
But just like during demonetisation v1.0, it will become a business to exchange notes and many people will line up bank's to exchange the notes in behalf of you know who.
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