Page 3 - Currency Notes

No form or identity proof required for exchanges of Rs 2,000 notes

No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of 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. In a communication to chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip. With regard to deposit of such notes in own account, RBI has not specified any limit but it will be subject to compliance with extant Know Your Customer (KYC) norms and other ...

'Those who gathered Rs 2,000 notes illegally are crying over withdrawal'

Haryana's Home Minister Anil Vij has said that those who accumulated Rs 2,000 currency notes illegally are the ones crying over the Reserve Bank of India's (RBI) decision to withdraw them from circulation. In a surprise move, the RBI on Friday announced the 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. It said it had asked banks to stop issuing Rs 2,000 notes with immediate effect. "Those who are crying have filled sacks and accumulated (Rs 2,000 currency) notes in an illegal manner," Vij said in a statement on Saturday. Rs 2,000 notes will continue to be legal tender and can be exchanged or deposited in banks. Those who have them can go to a bank and deposit them or get them exchanged, he said. Rs 2,000 denomination banknotes were introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal

Akhilesh Yadav hits out at govt over withdrawal of Rs 2,000 notes

Samajwadi Party president Akhilesh Yadav targeted the BJP-led government at the Centre on Friday over the RBI's decision to withdraw Rs 2,000 currency notes from circulation, saying "some people realise their mistakes too late". The Reserve Bank of India on Friday announced the withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Reacting to the development, Yadav tweeted in Hindi, "Some people realise their mistake too late The same happened in the case of the Rs 2,000 note, but the people and the economy of this country will have to pay for it." "Governance works not through arbitrariness but through wisdom and honesty," the former Uttar Pradesh chief minister added. In a statement issued in the evening, the RBI said Rs 2,000 notes currently in circulation will continue to be legal tender. It said the notes can be exchanged in banks from May 23. According to the RBI, arou

LIVE: RBI asks banks to stop issuing Rs 2,000 notes with immediate effect

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Rs 1,000 notes may be back: Opposition slams junking of Rs 2,000 notes

Incidentally, the RBI's decision comes on the cusp of the Modi government marking its ninth anniversary, days after the BJP's Karnataka assembly polls loss

India Inc in a wait-and-watch mode on impact of Rs 2,000 note withdrawal

Real estate sector may face the brunt; CEOs from other sectors hopeful of business as usual

RBI withdraws Rs 2,000 currency notes: Here's all you need to know

Rs 2,000 notes with public can be deposited in bank accounts or exchanged at banks and RBI's 19 Regional Offices

Rs 2,000 note withdrawn from circulation, to remain legal tender

The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect

What does the SC's demonetisation verdict mean

Six years after the govt demonetised 86% of cash in circulation, the Supreme Court on Monday nixed petitions challenging the move and upheld its legality. So what did the court say in its verdict?

SC upholds 2016 decision on demonetisation by 4:1 majority verdict

Dissenting judge Nagarathna says 2016 note ban legally flawed

Demonetisation had to be done through legislation: Justice Nagarathna

Justice B V Nagarathna of the Supreme Court, who gave a dissenting verdict on demonetisation on Monday, said the scrapping of the whole series of Rs 500 and Rs 1,000 currency notes had to be done through a legislation and not through a gazette notification as Parliament cannot be left aloof in a matter of such critical importance. Justice Nagarathna, who was the juniormost judge in the Constitution bench also comprising justices S A Nazeer, B R Gavai, A S Bopanna and V Ramasubramanian, said the demonetisation of an entire series of notes at the Centre's instance is a far more serious issue that has wider implications on the economy and the citizens of the country. Observing that there was no independent application of mind by the Reserve Bank of India (RBI), Justice Nagarathna said the entire exercise was carried out in 24 hours. "In my view, the power of the central government being vast has to be exercised through a plenary legislation rather than by an executive act by issuance o

SC reserves verdict on demonetisation, asks govt, RBI for submissions

AG said note ban's success or failure in curbing black money not a reason to invalidate the decision judicially as the move was made in good faith, after following due process

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

SC adjourns to November 24 pleas against 2016 demonetisation by govt

The Supreme Court on Wednesday deferred to November 24 the hearing on a batch of pleas challenging the Centre's 2016 decision to demonetise currency notes of denomination of Rs 500 and Rs 1000. A five-judge constitution bench headed by Justice S A Nazeer adjourned the matter after Attorney General R Venkataramani sought time to file a comprehensive affidavit in the matter. Venkataramani apologised to the bench also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, for not being able to prepare the comprehensive affidavit and sought a week's time. Senior advocate Shyam Divan, representing petitioner Vivek Narayan Sharma, said this is highly unusual to ask a Constitution Bench for adjournment. Senior advocate P Chidambaram, appearing for one of the parties, said this is an embarrassing situation. Justice Nagarathna observed that normally the Constitution Bench does not rise like this and this is very embarrassing. The top court granted one week time

No new Rs 2,000 currency notes printed from 2019-2022, says RTI reply

An RTI reply has disclosed that no new Rs 2,000 denomination currency notes were printed during 2019-20, 2020-21 and 2021-22.

TMS Ep292: Twitter under musk, metaverse, markets, deities on legal tenders

How will Twitter transform under Elon Musk? How'll metaverse change the shopping experience? How will US Fed & BoE rate action affect markets? What pictures can be used on currency notes? Answers here

What pictures can be used on currency notes

Delhi CM Arvind Kejriwal believes images of deities on legal tenders can help India attain 'economic prosperity'. Other political parties disagree. What visuals can the govt use on legal tenders?

Debate over Lakshmi-Ganesh on rupee: Can govt change look of banknotes?

In the case of coins, RBI's role is restricted only to the distribution of the coins

1.3 bn Indians want pictures of Lakshmi, Ganesh on currency: Kejriwal

Delhi Chief Minister Arvind Kejriwal on Friday said "130 crore Indians" want pictures of Lord Ganesh and Goddess Lakshmi on currency notes. Blessings of the Almighty are necessary for hard work to translate into success, the Aam Aadmi Party leader said. Kejriwal reiterated his demand to print pictures of the two Hindu deities on currency notes at a rally at Morva Hadaf in Panchmahal district of Gujarat where Assembly elections are expected to be announced soon. "If there is a picture of Ganesh and Lakshmi ji on a note, the country will progress. I am not saying that the country will make progress only by printing their pictures, we will also work hard. People of the country will work hard. We will devise the right policies," he said. "But however hard you may work, unless you get the blessings of the Almighty, hard work does not succeed.....This is why I said there should be pictures of Ganesh and Lakshmi ji (on currency notes)," the AAP leader added. Both the BJP and Congress ..

Baghel slams Kejriwal for his images of deities on currency notes statement

Chhattisgarh Chief Minister Bhupesh Baghel on Thursday slammed his Delhi counterpart Arvind Kejriwal for demanding images of Goddess Lakshmi and Lord Ganesh on currency notes and described his statement as a tactic to garner votes. Talking to reporters here, the senior Congress leader accused Kejriwal of raising an emotive issues just for votes. Asked about the Aam Aadmi Party (AAP) leader's controversial statement, Baghel said, At different times the Government of India decides whose photos will appear on currency notes and coins. But to gain votes Kejriwal has used this tactic." I was watching in the news yesterday, photos of great leaders Ambedkar ji and Bhagat Singh ji were kept where he (Kejriwal) was addressing a press conference (where he made the statement). Had they been alive, could Kejriwal have said these things in front of them? Was his statement motivated by their ideology?" he asked. Baghel further said wherever Kejriwal fights elections he just plays emotional card