-Banks will have to submit the data ‘as and when called for’, says central bank in notification
-RBI governor Shaktikanta Das said that after September 30, the further decision will be taken based on the number of notes deposited
Mumbai, NFAPost: The Reserve Bank of India (RBI) has asked banks to maintain daily data when they begin exchanging Rs 2,000 notes from Tuesday, May 23.
Banks have been asked to “”provide appropriate infrastructure” at their branches such as shaded waiting spaces and drinking water considering summers, according to a RBI notification on Monday. Banks will have to submit the data “as and when called for”.
The RBI has announced that the Rs 2000 note will be withdrawn but it will continue to be legal tender. People can return them by September 30, 2023.
The printing of Rs 2000 banknotes was stopped in 2018-19, the RBI said while announcing the withdrawal. The share of Rs 2000 note was 37.3 per cent in terms of value in FY18 and fell to 10.8 per cent by the end of FY23.
The Rs 2000 note was introduced in November 2016 after Rs 500 note and Rs 1000 notes were demonetised. The Rs 2000 note was issued primarily to meet the currency requirement of the economy in an expeditious manner.
Provide adequate infra at branches for Rs 2,000 note exchange: RBI to banks
The facility to exchange Rs 2,000 banknotes across the counter should continue as it was earlier and banks must provide appropriate infrastructure at all branches to customers, the Reserve Bank of India (RBI) said in a notification on Monday.
It said that the note will continue to remain legal tender.
“The facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier,” it said. “Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc considering the summer season.”
It added that banks must also maintain daily data on deposits and exchange of these banknotes in a format that contains the bank name, date of exchange, amount of Rs 2,000 notes exchanged, and the amount of Rs 2,000 deposited.
