Rush to exchange Rs 2,000 notes: ED, EOW starts probe following reports

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Several questions were raised over the sudden rush of people in exchange for Rs 2,000 notes and ED, Economic Offense Wing Officials are investigating the matter.

During the last three days, a large number of people gathered in front of the RBI office in Bhubaneswar to exchange Rs 2,000 currency notes.

Following this trend, Regional Director Reserve Bank of India Sarada Prasana Mohanty told ANI, "Daily 700 people are coming to the RBI to exchange their Rs 2,000 notes. Rs 2,000 notes worth 1 to 1.5 billion has been exchanged by the RBI each day. If any investigative agencies want any documents, RBI will provide the same."

On May 19, 2023 RBI decided to abolish the currency and set October 7 as the deadline for the public to avail exchange or to deposit Rs 2,000 banknotes.

About Rs 12,000 crore (or 3.37 per cent) of the currency notes remain in circulation, the Reserve Bank of India, Governor, Shaktikanta Das said during the Monetary Policy review meeting on Friday, October 6.

It was seen that many daily wage labourers are standing in the queue to exchange the Rs 2,000 notes. It was alleged that they are getting Rs 200-300 as a commission to exchange the big Indian currency notes. After getting this information ED, Economic Offense Wing Officials are investigating the matter.

The Rs 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2,000 banknotes was stopped in 2018-19.