As Day 1 of the Rs 2,000 note exchange began, many people needed clarification over various rules. For example, some have asked if they need ID proof to deposit or exchange old notes. And others are wondering how much they can deposit or exchange in a single go.
RBI has issued guidelines to help those wishing to deposit or exchange old currency notes. It says the public can deposit up to 10 notes per person without needing identity documents or requisition forms. This facility will be available till September 30. However, the old Rs 2,000 notes will still be considered legal tender until then.
According to the RBI, people can deposit old notes in their bank accounts but must comply with extant KYC norms and statutory requirements. Those who want to deposit the notes into their Jan Dhan or Basic Savings Bank Deposit (BSBD) account can do so, but only up to a limit of Rs 20,000 daily.
However, the central bank has not said what happens after that date. People will have to either deposit or exchange the notes by September 30. This is to ensure that the notes don’t end up in the hands of separatists, terrorists, Maoists, drug smugglers, and mining mafias and are used for illegal activities.
During the day, people were seen waiting at banks in large numbers to deposit or exchange their old notes. But chaos and confusion prevailed as various reports surfaced that banks imposed restrictions on the number of transactions people could make or asked for ID proof. Some people even complained that they were being refused to deposit or exchange their old notes by some banks.
The RBI has urged all citizens to follow the rules and avoid malpractice. It has also warned that people who try to use the money for illegal activities would face severe punishment under the law. In addition, it has advised all public members to report any incidents of ill-gotten money or any other suspicious activity to the local police or any other appropriate authority.
The RBI has also called people to report complaints or concerns on its official Twitter handle @RbiNewsroom. It has also urged all citizens to stay safe, especially during this period of change. IT ADDED THAT the RBI will continue to monitor the situation in real-time and take all necessary measures. The RBI has also urged all citizens to help in the smooth functioning of the banking system. It has also appealed to the public not to hoard or destroy old notes that have been withdrawn from circulation. This will help the process of demonetization. The RBI has also asked the public to continue supporting its financial inclusion and inclusive growth endeavors.