Rs 2000 not included yet in RBI rule book? Details here
Narendra Modi government launched anti-black money drive, probably the biggest in the history of India, in 2016 to unearth unaccounted money in the economy. The government termed it as the biggest war against black money
Narendra Modi government launched anti-black money drive, probably the biggest in the history of India, in 2016 to unearth unaccounted money in the economy. The government termed it as the biggest war against black money. Even as the spectre of the high-denomination currency note ban was waning, one confusion still prevails that is how to exchange soiled or damaged notes of the Rs 200 or 2,000 denominations which were introduced after the announcement of note ban by Prime Minister Narendra Modi on November 8, 2016.
The RBI has been introducing more and more Rs 200 and Rs 2,000 since the anti-black money drive begun. However, the apex bank yet to update the Reserve Bank of India (Note Refund) Rules of 2009 to include these new denominations notes, according to The Week report. The note refund rule only includes currency notes that existed prior to demonetisation and the custodian of currency notes has not yet deleted Rs 1,000 and the old Rs 500 notes from these rules. A fresh circular for the exchange of notes and Coins issued by the RBI on July 3, 2017, stated that banks may continue to follow the Note Refund Rules of 2009.
The Note Refund Rules lists the denominations and length, width and area of each denomination. For exchange of full value and half value of a note, the minimum area of the notes needs to be presented to the banks. For an old and torn Rs 50 note, at least 70 percent of the 107 square centimetres has to be presented to get back same amount refund from banks. For receiving half the actual value of the currency, one has to present at least 43 percent of that note.
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People are finding it difficult to exchange soiled and torn currency notes that were issued after demonetisation, as banks are asking their customers to wait them till the RBI issues guidelines. However, a Business Standard report citing a Finance Ministry official said the government might notify rules in this regard very soon. Manmohan Sachdeva, Director of Department of Economic Affairs, reportedly said the Finance Ministry was at an advanced stage of finalising new rules for exchange of torn currency of the new denominations.