The Latest Breaking News from RBI

The RBI issued the withdrawal of all ₹2,000 currency notes on May 19, and has given the public till September 30 to deposit or exchange all the notes at banks.

High net-worth individuals, those dealing in realty, businessmen, liquor outlets, petrol bunks, fertilizer shops, farmers with large land holding primarily were among those who opted to deposit, ostensibly because there was no limit on such remittances.

The Consortium of Indian Petroleum Dealers (CIPD), a body representing over 60,000 fuel outlets across the country, has urged dealers not to turn away customers who pay using ₹2,000 notes and, instead, handle them on a case-by-case basis to avoid complaints

In view of poor revenue receipts the government had to avail the financing options of the RBI to fund its spree of welfare programmes through most of March in the last fiscal

The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that withdrawal of ₹2,000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience

Small queues were witnessed at some bank branches on May 23, 2023 for the exchange of ₹2,000 notes against smaller denominations as part of the withdrawal exercise.

However all bank notes in Rs 2,000 denomination will continue to be legal tender and be used for transactions, stated RBI. Read further on Dynamite News

The Hindu’s Morning Digest brings readers a select list of stories to start the day

NEW DELHI: RBI governor Shaktikanta Das on Monday said there was no proposal to introduce Rs 1,000 notes and insisted that the decision to withdraw the high-value notes was part of the RBI’s clean note policy and the purpose of remonetisation, following the 2016 demonetisation, has been achieved. Das also…

The sudden decision by the Reserve Bank of India to withdraw the ₹2,000 notes in circulation has raised questions about the rationale

MUMBAI: As the new workweek began on Monday, a few traders in Mumbai began displaying a gradual reluctance to accept Rs 2,000 banknotes after the RBI declared their imminent withdrawal from September 30.