Plea in SC challenging RBI-SBI notifications on exchange of Rs 2000 notes without ID proof
Plea in SC challenging RBISBI notifications on exchange of Rs notes without ID proof
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
Liquidity of banks to improve as Rs 2000 notes being deposited: Report
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.
If You Go to The Bank to Deposit Rs 2000 note and it turns out to be Counterfeit, What Will Happen?
Fake 2000 note: While depositing Rs 2000 notes through banks, all the notes are sorted immediately for accuracy and authenticity using Note Sorting Machines (NSMs). This allows for the authentication of counterfeit notes. RBI: The RBI has decided to withdraw the circulation of Rs 2000 notes. The banks have been instructed to remain ...
RBI withdraws Rs 2000 notes: Was it highest denomination India ever had?
The recent decision by the Reserve Bank of India (RBI) to withdraw the Rs 2000 denomination notes, which were introduced after the 2016 demonetisation, has sparked discussions about the highest denomination ever used in India. Contrary to popular belief that the Rs. 2000 note is the highest denomination ever used in India, it is worth Get the latest updates in Hyderabad City News , Technology , Entertainment , Sports , Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS .
Going by the previous experience of demonetisation of Rs 500 and Rs 1000 notes in 2016, banks are expected to get a good amount of deposits bank in the banking system for a considerable period. As an unintended consequence of this withdrawal, FD investors may soon have to brace for reversal of cycle of interest rate hikes. It may be the best time to book FDs.
Plea against Rs 2000 note exchange dismissed
NL Corresspondent The Delhi High Court dismisses a plea challenging the permission to exchange Rs 2,000 currency notes without requisition slip, ID proof. Ashwini Upadhyay had filed a petition in the Delhi high court challenging the decision of the Reserve Bank of India and the State Bank of India to allow people to exchange Rs [] The post Plea against Rs 2000 note exchange dismissed appeared first on Northlines .
Rs 2000 notes: Delhi HC rejects plea to allow exchange without ID
New Delhi: The Delhi High Court on Monday dismissed a plea challenging the Reserve Bank of India (RBI) and State Bank of India (SBI) notifications, that permits exchange of the withdrawn Rs 2,000 notes without any identity proof. A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad dismissed the petition after Get the latest updates in Hyderabad City News , Technology , Entertainment , Sports , Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS .
2000 Note: Rs. Attention depositors of 2000 notes! Notice can come from IT
2000 rupee note: The Reserve Bank of India has decided to withdraw Rs 2000 notes. Since then people have been reaching out to banks to exchange their Rs 2000 notes or deposit them in their bank accounts. On the other hand, if you are going to the bank to change 2000 rupee notes, then you ...
Legal Recap: Rajasthan HC on Gender Identity, Delhi HC on Rs 2000 Notes Case
Catch all the top legal highlights from the day here!
P Chidambaram vs Sitharaman on RBIs decision to withdraw Rs 2000 notes
Delhi High Court Dismisses Plea Challenging Notifications Over Rs 2000 Note Exchange
New Delhi: The Delhi High Court on Monday dismissed a plea challenging notifications enabling exchange of Rs 2,000 currency notes without any requisition slip and ID proof. A bench of Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad rejected the petition, which has challenged the notifications by the RBI and SBI enabling exchange of [] The post Delhi High Court Dismisses Plea Challenging Notifications Over Rs 2000 Note Exchange appeared first on Pragativadi .
Carry change for Rs 2K or pay via UPI: Telangana petrol dealers
Hyderabad: Telangana Petroleum Dealers Association (TPDA) have urged their customers to keep petty cash available or rather use digital payment method such as UPI at petrol pumps. A surge in the number of customers using Rs 2000 notes has created a significant challenge in maintaining sufficient change reserves at filling stations. Also ReadWatch: Petrol pump Get the latest updates in Hyderabad City News , Technology , Entertainment , Sports , Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS .
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 ...
Withdrawal of Rs 2,000 note cast doubt on currency integrity: Chidambaram
Senior Congress leader P 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. Addressing a press conference here, the former Union finance minister said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth path. He also said the situation in Manipur, where recent ethnic clashes have claimed more than 75 lives, was alarming and questioned the continued silence of Prime Minister Narendra Modi. Governance and policies in a secular, democratic country must give rise to a tide that will lift all boats. In that view, the NDA government has totally failed in the last nine years, he said. What is worse is that the government does not even make an effort to correct its mistakes and govern for all the people, he said. The Reserve Bank of India recently announced withdrawal of Rs 2000 notes from circulation and asked
Inauguration of Parliament building by PM and not Prez insult to Ambedkar's dreams, says Cong RS MP
The ceremony to inaugurate the new Parliament building on Sunday will begin with an early morning havan and a multi-religion prayer followed by a formal opening in the Lok Sabha by the PM. RAIPUR: Congress Rajya Sabha MP Pramod Tiwari on Saturday said the inauguration of the new Parliament building at the hands of Prime Minister Narendra Modi and not the President of India is an insult to Dr BR Ambedkar's dreams and the Constitution. Addressing a press conference here at Rajiv Bhavan, the headquarter of the Chhattisgarh Congress as part of the party's nationwide 'Nau Saal Nau Sawal' campaign to highlight failures of nine years of Modi rule, Tiwari posed questions on issues like inflation, unemployment and corruption. Accusing the NDA government of betraying the people, Tiwari asked the PM to break his silence on questions being posed by opposition parties and the citizens. The new Parliament building will be inaugurated by the PM tomorrow. It will be an insult to Babasaheb Ambedkar's dreams as well as the Constitution that it is not being inaugurated by the first citizen of the country. Despite our repeated requests, the new Parliament building is not being inaugurated by President Droupadi Murmu, Tiwari said. Accusing the Union government of breaking protocol by getting the PM to inaugurate the building, Tiwari said the invite to the event mentions the presence of the Lok Sabha speaker but not the Rajya Sabha Chairman, also the Vice President. The ceremony to inaugurate the new Parliament building on Sunday will begin with an early morning havan and a multi-religion prayer followed by a formal opening in the Lok Sabha by the PM. As many as 25 parties are expected to attend the inauguration of the new Parliament building on Sunday even as 20 opposition parties, including the Congress, have decided to boycott the event. Accusing the Centre of enriching friendly businessmen, Tiwari asked the PM why he was silent on LIC investing people's hard-earned money in billionaire Gautam Adani's firms, which have been accused of stock manipulation and accounting fraud by US-based Hindenburg Research, as well as corruption in BJP-ruled states. He mocked the Centre on the Reserve Bank of India's decision to withdraw Rs 2000 notes from circulation and said sarcastically that the chip inside it must be removed as it is expensive. During the days after demonetisation in November 2016, some groups close to the ruling dispensation used to claim the new Rs 2000 note has a nanochip embedded in it to track those indulging in black marketing and hoarding.
Tamil Nadu: People can exchange Rs 2000 notes on public transport - News9 LIVE
Tamil Nadu: People can exchange Rs 2000 notes on public transport News9 LIVE
Shoppers thronging markets with Rs 2,000 note bundles, say traders in New Delhi
A trader in Sarojini Nagar market said that he hadnt seen Rs 2,000 currency notes in past months but now every other person is bringing this currency note for buying goods. NEW DELHI: Traders in the city are amused as the majority of customers are bringing only Rs 2,000 currency notes while UPI payments have declined.Traders said that they are accepting Rs 2,000 currency notes even as many people are buying stuff of just Rs 100-200 to get rid of the currency notes after the Reserve Bank in a surprise move on Friday announcedthe withdrawal of the notefrom circulation. A trader in Sarojini Nagar market said that he hadnt seen Rs 2,000 currency notes in past months but now every other person is bringing this currency note for buying goods. People seem to get rid of Rs 2,000 currency notes instantly even as the central bank gave the public time till September 30 to either deposit suchnotes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 currency notes will continue to be legal tender. We got many complaints from traders yesterday that suddenly people coming with cash have increased. Till the day before yesterday, everybody wanted to do UPI and now suddenly they are bringing cash, said Sarojini Nagar mini market associations president Ashok Randhawa. When asked whether traders are accepting the notes, Randhawa said, We have told traders to accept the notes if they can because it is affecting our business. Many people are just coming to shop to get rid of the notes. So there is no point in asking them to pay via UPI. Moreover after recent SBI announcement, we are relieved. In a communication to the chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 currency notes by the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip. Markets are thronging with customers carrying bundles of 2000 rupee notes, said K K Balli, president of the Association of Wholesale Readymade Garment Dealers (Gandhi Nagar).We knew it soon after the announcement about Rs 2000 notes that many people will rush to market to get rid of these bank notes, said Balli.
PILagainst exchange of Rs 2000 notes without requisition slip, identity proof
The petition said a large amount of currency has reached either an individual's locker or has een hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias & corrupt people. NEW DELHI: A public interest litigation was filed in the Delhi High Court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof. Lawyer Ashwini Kumar Upadhyay contended in his plea that notifications by RBI and SBI in this regard are arbitrary, irrational and offend Articles 14 of the Constitution of India. The petition said that a large amount of the currency has reached either an individual's locker or has een hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias & corrupt people. The petition highlighted that cash transaction in high-value currency is the main source of corruption and is used for illegal activities like terrorism, naxalism, separatism, radicalism, gambling, smuggling, money laundering, kidnapping, extortion, bribing and dowry, etc. and the RBI and SBI should ensure that Rs 2000 banknotes are deposited in respective bank accounts only. Recently, it was announced by the Centre that every family should have Aadhaar card and bank account. Therefore, why RBI is permitting to exchange Rs 2000 banknotes without obtaining identity proof. It is also necessary to state that 80 crore BPL families receive free grains. It means 80 crore Indians rarely use Rs 2,000 banknotes. Therefore, petitioner also seeks direction to RBI and SBI to take steps to ensure that Rs 2000 banknotes are deposited in bank account only, the plea stated. Depositing Rs 2000 currency notes in bank accounts would ensure that people having black money and disproportionate assets could be identified easily, the plea said. On May 19, the Reserve Bank of India (RBI) had announced the withdrawal of Rs 2,000 currency notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said in a statement. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI has said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23. In a communication to the chief general manager of all its local head offices, the State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip. Further, no identity proof is required to be submitted by the tenderer at the time of exchange, the communication dated May 20 said.
Rs 2Knote still legal, but pullout sparks confusion in TN
Meanwhile, Tirunelveli Tamil Nadu State Transport Corporation MD Mohan has issued a circular asking bus conductors in the region not to accept Rs 2,000 notes from passengers. CHENNAI: The RBIs announcement to withdraw Rs 2,000 notes from circulation has sparked confusion over their acceptance as legal tender, though the circulation of the high-value note in the market is itself very limited. Though there is no major disruption in business activities due to the widespread use of cards and digital transactions across the state, several multiplex cinema halls and restaurant chains have stopped accepting Rs 2,000 notes in Chennai. Meanwhile, Tirunelveli Tamil Nadu State Transport Corporation MD Mohan has issued a circular asking bus conductors in the region not to accept Rs 2,000 notes from passengers. The circular also said general managers and branch managers must advise conductors not to exchange their collection amount with outsiders. These notes, up to Rs 20,000 per day, can be deposited or exchanged in banks. Since the TNSTC cannot deposit more than Rs 2,000 notes with banks, bus conductors from May 23 should avoid accepting Rs 2,000 notes from passengers without creating any issues for them. If Rs 2,000 notes are received, branches should update their count with the accounts department, the circular said. When contacted by TNIE, Mohan said there wont be any pressure on conductors against receiving such notes. This is just an advice to conductors, he said. Tasmac employees too refused to accept the notes, though no official circular was issued by the management so far. While a few jewellery shops in Chennai asked customers to submit their PAN card details for paying in Rs 2000 notes for transactions of up to Rs 20,000, a few others were demanding both Aadhaar and PAN details for amounts exceeding Rs 50,000. A jewellery store in Anna Nagar West has asked its customers to submit a written request along with proof of payment in Rs 2000 notes, PAN, and any other valid ID proof. Railway reservation counters, bus ticket booking counters, fuel outlets, and some hotels in the city, however, continued to accept the high-value note as usual. When I attempted to buy five tickets at AGS Villivakkam multiplex in Chennai, the staff at the counter told me that they wouldnt accept Rs 2000 notes. While it wasnt explicitly stated as illegal, there seemed to be an unofficial restriction, said M Mayurunathan, a techie. Similarly, when a Kolathur resident attempted to buy gold jewellery at Saravana Stores Legend in Padi, she was instructed to provide her PAN details for transactions exceeding Rs 20,000 made using Rs 2000 notes. PAN was not required for cash transactions up to Rs 2 lakh. It is unclear how they decided to fix Rs 20,000 limit for PAN verification, said R Radha. A popular jewellery store in Anna Nagar West asked its customers to submit their name and address on a blank paper along with proof of address for transactions in Rs 2,000 notes. According to the RBIs announcement, Rs 2,000 notes are legal tender and can be exchanged in banks from Tuesday with a daily limit of up to Rs 20,000. The deadline for exchanging notes is September 30. When TNIE visited the Koyambedu CMBT bus terminus, it found that SETC AC and non-AC bus crew had stopped issuing tickets for Rs 2,000 notes. At Tasmac outlets in Padi, Korattur and CMBT, the staff refused to accept Rs 2,000 notes. Several hotels and fuel outlets will accept Rs 2,000 notes until Tuesday or for the next few days until banks start facilitating currency exchange.
No ID proof or form needed to exchange Rs 2000 notes: SBI
NEW DELHI: Are you mulling to exchange Rs 2000 notes? Wondering what documents are needed to exchange Rs 2000 notes? According to the state bank of India (SBI), no form and no identity proof are required to exchange Rs 2000 notes at its branches. The SBI has informed all its branches that no form or [] The post No ID proof or form needed to exchange Rs 2000 notes: SBI appeared first on NORTHEAST NOW .
