Small queues seen at day 1 of Rs. 2000 note exchange
A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip. No identity proof is required to be submitted by the tenderer at the time of exchange
How Indians are finding ways to get rid of Rs 2,000 notes
New Delhi: Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise.
As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip. Further, no identity proof is required to be submitted by the tenderer at the time of exchange. No great rush was witnessed for exchange when branches opened. Outlets of private sector banks in metro cities in the early hours had business as usual. According to a senior official of a public sector bank, not much rush is seen so far because there is a window of four months for exchange and currency in circulation to be exchanged is also relatively less compared to demonetisation. It is to be noted that 86 per cent of India's currency in circulation was made invalid on November 8, 2016. However, this time, Rs 2,000 notes remain a legal tender.
The official said, as far as the deposit in accounts are concerned, it is happening as usual and there is not much rush so far. Deposits are being accepted as per the extant guidelines. RBI on Friday, in a surprise move, announced withdrawal of Rs 2,000 currency notes from circulation but gave the public time till September 30, to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
RBI Governor Shaktiikanta Das on Monday said there is enough time available for exchange and deposit in bank accounts, so people should not panic. There is more than adequate quantity of printed notes available in the system not just with the RBI, but also at the currency chests which are operated by the banks, he said.
"So there is adequate stock available and there is no reason to worry whatsoever. We have more than sufficient stock," he said.
The governor also said that the RBI is sensitive to the difficulties which may be faced by people who are on long foreign visits or living abroad on work visas.
