IMPORTANT NEWS: After today, bank and bank will not take notes of 200 and 2000 rupees - JobGujNews

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Saturday, June 16, 2018

IMPORTANT NEWS: After today, bank and bank will not take notes of 200 and 2000 rupees

IMPORTANT NEWS: After today, bank and bank will not take notes of 200 and 2000 rupees

New Delhi: A big news has come about the notes of 2000 and 200 rupees issued after the notebook. If you also have notes of 200 and 2000 rupees then you may have to bear the loss. Indeed, the RBI has made a big announcement in this matter.
Notes of Rs 200 and Rs 2000 will no longer be changed in the bank. If the new notes of 200 and 2000 rupees issued by the RBI were dirty due to some reason, they would not be recovered in the banks. Not only this, the bank will not even deposit them. In fact, these notes are not kept in the purview of the rules related to exchange of currency notes by the RBI.

What is the whole case:
2000 note was issued after the ban on November 8, 2016. While a note of 200 rupees was released in August 2017. The case of exchange of mutilated or dirty notes comes under the RBI (Note Refund) rules, which is part of Section 28 of the RBI Act. This act mentions the currency notes of 5, 10, 50, 100, 500, 1,000, 5,000 and 10,000, but notes of 200 and Rs 2,000 have not been placed in this place. The government and the RBI have not made changes in the provisions applicable to the exchange.

Note printing is also closed:
At present, notes worth Rs. 6.70 lakh crore worth Rs. 2,000 are in circulation. Recently the news came that the RBI has now stopped printing of Rs 2,000 notes. On 17th April this was mentioned by Economic Affairs Secretary Subhash C Garg. Bankers said that very few cases of mutilated or dirty notes have been reported in the new series, but they warned that problems may start if the provisional changes are not made early on.

RBI to make changes:
The RBI needs to make changes in the rules regarding the 200 and 2000 notes. However, the RBI sent a letter to the finance ministry about the change in 2017. According to sources, the RBI has not received any response from the government. The changes in section 28 of the RBI Act, which are related to ‘lost, stolen, mutilated or recovered from impure notes’.

Note will not be changed now:
According to the RBI, if the notes of the new series become dirty or mutilated, they will not be able to change them in the banks. RBI said, “Because of the change in size of Mahatma Gandhi (new) series, the exchange of mutilated / impure notes in the MG (New) series can not be made under the existing rules. Need to amend the RBI (Note Refund) Rules 2009. After the notification of changes in the official gazette, mutilated / unclean notes of MG (New) series can be swapped.

Not cleared by the government:
However, in this case no clearance has come from the government side. It is not clear why the government is taking so much time for necessary changes. According to a senior finance ministry official, there is no discussion on this yet, but the government will consider making necessary changes. He said, whatever is necessary for the change in the act, it will definitely be done.

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