Page 2 - Rs 2000 Note

Only 30 days left! Exchange Rs 2,000 banknotes by Sept 30; check details

The Reserve Bank of India (RBI) has set a maximum of Rs 20,000 on the amount that can be exchanged for a single Rs 2,000 note till September 20

Last month to deposit Rs 2000 and other money deadlines in September

There are several important money-related deadlines that will impact the way you transact this month, so be sure to read on.

Withdrawal of Rs 2,000 notes pushes deposit to six-year high in June

Withdrawal of Rs 2,000 notes by Reserve Bank on May 19 and the subsequent near total return of the currency to the system has buoyed deposit accretion to a six-year high of Rs 191.6 lakh crore in June, according to a report. Earlier this month, the RBI said more than three-fourths of the total 3.62 lakh crore of Rs 2,000 bank notes have come back to the system by way of deposits (over 85 per cent) and the rest as note exchanges. According to Sanjay Agarwal, a senior director with Care Ratings, deposits witnessed a healthy on-year growth of 13 per cent to Rs 191.6 lakh crore, which is the highest in the past six years (since March 2017) in the fortnight ending June 30, partly supported by the withdrawal of the Rs 2,000 currency notes and higher interest rates on deposits. Deposits rose 13 per cent in the reporting fortnight and sequentially, it expanded by 3.2 per cent to Rs 191.6 lakh crore and in absolute terms, deposits rose by Rs 22 lakh crore in the trailing 12-month period when

Banks cautious over uncertainty around withdrawn Rs 2,000 notes

Lenders hesitate to deploy excess funds with the central bank due to uncertainty about the duration of recently withdrawn Rs 2,000 notes, affecting liquidity overall as loan demand remains strong

SC rejects plea against RBI permitting Rs 2,000 exchange without ID proof

The Supreme Court on Monday refused to entertain an appeal challenging the Delhi High Court verdict dismissing a PIL against the RBI notification permitting exchange of Rs 2,000 currency notes without any requisition slip and ID proof, saying it is an executive policy decision. A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha dismissed the appeal filed by lawyer Ashwini Updhyay in his personal capacity. This is the matter of executive policy decision, the bench said while dismissing the appeal. On May 29, the Delhi High Court dismissed the PIL challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof. The high court had said the decision was taken to avoid inconvenience to citizens, and that it cannot sit as an appellate authority on a policy decision. The high court had maintained it cannot be said that the government's decision is perverse or arbitrary or it encourages black money, mone

Delhi High Court dismisses PIL against withdrawal of Rs 2,000 banknotes

The Delhi High Court, which dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw the Rs 2,000 denomination banknotes from circulation, has said the notification was part of the central bank's currency management system. The high court said the Reserve Bank of India (RBI) has only instructed the banks not to issue to its customers notes of Rs 2,000 denomination to ensure they are not in circulation though they remain legal tender. The fact that the permission to exchange Rs 2,000 notes is available only till September 23, 2023 does not mean that RBI has issued a direction that from September 23, Rs 2,000 banknotes will be demonetised. "The RBI has, therefore, not exceeded the powers conferred to it under the RBI Act or has violated the Banking Regulation Act, 1949, a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad said in a judgment which was passed on Monday and became available in public domain on Tuesday. The high ...

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Rs 2,000 note move can take FY24 growth past 6.5%, says SBI report

It expects 8.1% Q1 GDP growth with an upward bias due to the RBI decision

Rs 2,000 note withdrawal can boost growth by pushing consumption: Report

The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said. It can be noted that earlier this month, the RBI informed that over half of the currency notes in the denomination have returned back, with 85 per cent of it coming as deposits into banks, while the remaining 15 per cent have been exchanged at bank counters. Based on this experience, the SBI note said the consumption can get a Rs 55,000 crore bo

Traders not facing problem in exchanging Rs 2,000 notes: Union minister

Union Minister Som Prakash on Thursday claimed businesspersons and traders were not facing any problem in depositing or exchanging Rs 2,000 notes which were withdrawn from circulation by the Reserve Bank of India (RBI) last month. He said enough time has been given to people to deposit or exchange the high-value currency, which was introduced in November 2016. I have spoken to a number of traders and industrialists over the decision to withdraw the Rs 2,000 notes. Anyone can go to a bank and get them exchanged. None of them have a problem," the Minister of State for Commerce and Industry told reporters here while responding to a question. On May 19, the RBI announced the withdrawal of Rs 2,000 notes and set September 30 as the deadline for exchanging and depositing them with banks. On May 26, the Confederation of All India Traders (CAIT) said the RBI must put in place a standard operating procedure (SOP) for banks for deposit and exchange of the withdrawn bills. CAIT president B

50% of Rs 2,000 notes returned to banks since announcement: RBI Guv Das

RBI governor Shaktikanta Das added that out of all the notes that have been coming back, 85 per cent have come back in the form of bank deposits

SC seeks report from registry on plea against RBI's Rs 2,000 note exchange

It submitted that the RBI admits in the notification that total value of Rs 2,000 banknotes in circulation have declined from Rs 6.73 lakh crore to Rs 3.62 lakh crore

Aadhaar to identity proof: All questions answered about Rs 2,000 notes

Is it necessary to be a bank account to exchange the notes; do I need to submit my PAN?

Explained: What are the tax implications of depositing Rs 2,000 notes?

Are you depositing Rs 2,000 notes in the bank? Will your deposits be monitored? Will you need to pay any tax on it? How can you avoid a tax notice on these deposits? Read to find the answer

Rs 2,000 note withdrawal to add Rs 1.5 trn of deposits to banks: Expert

The move to withdraw Rs 2,000 denomination notes will yield deposits of up to Rs 1.5 lakh crore for the banking system, Axis Bank Chief Economist Saugata Bhattacharya said on Wednesday. Notes of Rs 1 lakh to Rs 1.5 lakh crore will come back into the system as deposits, Bhattacharya told reporters, adding that this should take the overall deposit growth to over 11 per cent in FY24. As per RBI data, the total value of Rs 2,000 notes in the system is Rs 3.62 lakh crore. Holders of the notes can either deposit the notes at banks, or get them exchanged over bank counters. It can be noted that the banking system has been passing through what some call as a 'war for deposits' at present, with a wide gap between the credit and deposit growth numbers. Bhattacharya said he expects the credit growth to slow down to 13 per cent in FY24 from 16 per cent, even as the deposit growth number will rise to 11-12 per cent from the single-digit figure in FY23. Meanwhile, Bhattacharya said Reserve Bank

Plea in SC against HC verdict on RBI decision on Rs 2,000 banknote exchange

A plea has been filed in the Supreme Court against the Delhi High Court's verdict dismissing a petition challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof, contending the measure gives an "open opportunity to legalize illegal money". A division bench of the high court had on May 29 dismissed a Public Interest Litigation (PIL) filed by advocate Ashwini Kumar Upadhyay, who challenged the notifications by the Reserve Bank of India (RBI) and the State Bank of India (SBI) allowing exchange of Rs 2,000 banknotes without having to furnish any document. Upadhyay has now approached the apex court. In his petition filed on Wednesday, he has claimed the high court has failed to appreciate that the RBI notification of May 19 and SBI notification of May 20, permitting exchange of Rs 2,000 currency notes without obtaining any requisition slip and identity proof, is "manifestly arbitrary and irrational". "RBI admit

Liquidity of banks to improve as Rs 2,000 notes being deposited: Report

The liquidity in the banking system is expected to improve to more than Rs 1 lakh crore in days to come if the current market trend of 80 per cent of Rs 2000 notes being deposited holds, a report said. "Even if a fraction of these trends are extrapolated at All Scheduled Commercial Bank's (ASCB) level, then the banking system liquidity is likely to increase significantly compared to our earlier estimates of Rs 1 trillion bulge in deposits," said the SBI report 'Ecowrap' said. However, it said, this is based on the current available information and might change depending on further data. The bottom line, however, is that the interest rate cycle might have peaked decisively, it said. "As per market trends, around 80 per cent of the total Rs 2000 notes received are deposited and the rest 20 per cent are exchanged for smaller denominations," it said. The Reserve Bank of India (RBI) on May 19 announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management

Delhi HC rejects plea against RBI, SBI notice on exchange of Rs 2,000 notes

Petition says says exchange without a requisition slip and ID is arbitrary and irrational; RBI counsel says banking regulator's notification was a statutory exercise, not demonetisation

Sitharaman slams Chidambaram's comments on Rs 2,000 banknote withdrawal

Union Finance Minister Nirmala Sitharaman on Monday criticised Congress leader P Chidambaram over his comments on the withdrawal of Rs 2,000 currency note and said to cast aspersions on matters of this nature "does not augur well with the former finance minister". She was speaking to reporters here as a part of press conferences being held by Union ministers in different parts of the country on the completion of nine years of the Narendra Modi government. Chidambaram on Monday said the introduction of Rs 2,000 note and its subsequent withdrawal have cast doubt on the integrity and stability of the Indian currency. He also said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth path. The Reserve Bank of India recently announced withdrawal of Rs 2000 notes from circulation and asked people to deposit it in banks or get it exchanged by September 30. Asked about Chidambaram's comments, Sitharaman said, To cast ...

Delhi HC to hear PIL against withdrawal of Rs 2,000 banknotes on May 29

The withdrawal of Rs 2000 denomination banknotes from circulation was a currency management exercise and a matter of economic policy, the RBI informed the Delhi High Court on Friday. The court, which was hearing a public interest litigation challenging the RBI's decision to withdraw the banknote from circulation, posted the matter for hearing on May 29. A bench headed by Chief Justice Satish Chandra Sharma was asked by the RBI to defer hearing on the plea in light of the fact that the verdict stands reserved by the court on another PIL concerning the withdrawal notification. List the matter on Monday. Give a small note also, the bench, which also comprised Justice Subramonium Prasad, told the parties. RBI counsel, senior advocate Parag P Tripathi, said the present petition by Rajneesh Bhaskar Gupta was misplaced as withdrawal of Rs 2000 denomination banknotes was a currency management exercise and not demonetisation, and a matter of economic policy. This issue of alleged ...