What Modi Government about to ban ₹2000 note? Banks declares in black & white // servicebloggers.com

What Modi Government about to ban ₹2000 note? Banks declares in black & white
Author: Pradeep   Date: Feb 2020. 

Is government planning to slowly implement stop circulation of the ₹2,000 rupees currency notes and totally ban it? According to the latest report, one of government banks has issued an order in a circular to its employees which states that they should not give ₹2,000 rupees notes to the customers. Apart from this, these notes should not be inserted in ATM (Automatic Teller Machine) too. RBI clarification states that printing or new ₹2,000 notes has been stopped. Bank officials have been instructed to insert ₹500, ₹200 and ₹100 rupees currency notes in ATM and remove ₹2,000's.

According to a news website report, this has been said by quoting a bank official. According to the report, the bank official have been ordered through e-mail to give other notes instead of ₹2,000 rupee note to customers coming for withdrawal and return ₹2,000 currency notes to Head office regularly. Also, ₹2,000 should not be filled in ATMs. However,  customers are advised not to worry about the order issued, banks have been asked to accept ₹2,000 rupee currency notes from customers. An e-mail sent by the bank has also stated that a formal order will be issued soon.

The report added, the bank asked the employees to do maximum transactions of ₹200, 100 notes. According to the order, the supply of ₹200, 100 rupee notes from currency chest will also be increased.

Why this ₹2,000 currency ban action?

This order has came into action after, National Crime Records Bureau report claimed that there is flood of  ₹ 2,000 notes circulated into the country. The report claimed that captured 50% per cent of the total recovered counterfeit currency belong to ₹2,000 rupee notes.

What we should do with ₹2,000 notes?

We as customers should deposit it in banks and further stop accepting the same. Await for more official orders from all banks.

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