M F AHMAD
Daltonganj, May 20: Rs 2,000 denomination banknotes have begun to come to the banks for deposit on the very first day when the RBI announced to withdraw the circulation of the Rs 2,000 denomination banknotes with a lean period from May 23 to 30 September when parties having this denomination banknote will be legally privileged to exchange it if not inclined to deposit it with their savings account, current account and loan account.
SBI, Bank of Baroda, Central Bank Of India just to name a few reported appearance of Rs 2,000 denomination banknotes coming to its counter today in good numbers.
However from May 20 to May 22 parties having this denomination banknotes will not be able to exchange for some other denomination banknotes but will have to deposit it in their operative bank account be it a savings, current or loan account. No exchange for it but deposit till May 22 as from May 23 exchange offer will come into force.
Rajesh Ekka an official of the Central Bank Of India said quite a few parties turned up at the counter and deposited the banknotes for this denomination of Rs 2,000 in their respective accounts.
Birender Kumar Sah branch manager of the Bank of Baroda said there is no upper cap for deposit of the banknotes for this denomination now.
A party can deposit just one banknote of Rs 2,000 denominations or any number of the multiplication of it as there is no embargo on the volume of the deposit of the banknotes for this denomination.
However, RBI has restricted the exchange facility for this denomination banknote for any other denomination to only 20,000 ‘at a time and at any bank’ from May 23 to September 30.
Bank officials said any person can exchange up to 20,000 banknotes for 2,000 denomination with another denomination like 100,200,500 etc between May 23 and September 30 and no bank can afford to refuse the exchange of conversion of this denomination banknotes for other denomination banknotes.
