Banks are recalibrating ATMs to replace high-value Rs 2,000 notes with Rs 500 money. Though there is no formal approval from the Reserve Bank of India (RBI) or other powers, it is believed that this could be part of the policy of the central bank to keep a tab on the total amount of high-value currency inflow.
Cartridges which exist Rs 2,000 notes in ATMs will be restored with notes of Rs 100 or Rs 200 values, according to a report on The Business Standard. Out of the four cases within ATMs, three will have Rs 500 notes, and the fourth will be charged with Rs 100 or Rs 200 notes. Many ATMs have now replaced cases holding Rs 2,000 notes, while many are in the method to complete it within a year’s time, the report continued.
Last week, Indian Bank had said that it will no longer keep Rs 2,000 notes in its ATMs, citing public inconvenience, who found it hard to exchange the notes.
The decision will come into effect on March 1. However, the bank’s branches will continue to offer Rs 2000 notes.As per an RTI query in October last year, the printing of Rs 2,000 currency notes had been stopped for the preceding 18 months. The central bank printed 354.30 crore Rs 2,000 notes in the financial year 2016-17, which declined to 11.15 crore in 2017-18 and further plunged to 4.67 crores in the year 2018-19, the RTI query had revealed. It also revealed that not a single Rs 2,000 note has been printed in the current financial year.
Last year in November
- Former Economic Affairs Department Secretary Subhash Chandra Garg has said that the new Rs 2000 notes that were added after demonetisation on 8 November 2016 were originally used for hoarding and listed it as illegal tender. Can be done. He replied that there would be no disturbance by exchanging 2,000 rupee notes from distribution. Garg on Friday talked about the Rs 2,000 note on the third anniversary of demonetisation.
- He said, “It can be produced without any disorder. One simple way is to deposit these notes in bank accounts (no counter replacement), it can be used to manage the method,”he said. Cash is still high in the system. The data also has stocking of Rs 2,000 notes. Digital payments are evolving around the world. It is also happening in India. The pace is very slow. “Garg in a note. The former economic affairs secretary suddenly forced him out of the finance ministry after taking VRS.
- Garg said that in terms of value, one-third of currency notes of 2,000 rupees have been distributed for currency notes. “A good portion of the 2,000 rupee notes are not actually in delivery, being saved.
- The 2,000 rupee note, therefore, is not working as business money anytime soon,”he said. He replied that cash is its prime past and very useful digital methods of payment are replacing cash at a fast pace… However, he said, “India still has a long way to go with more than 85 per cent of paid businesses in the country. Still have to speed up. “
What is Garg’s thought behind here..?
He said that paying large cash-based businesses expensive and subjecting them to certain taxes/fees, making digital instruments of cash convenient at all times and dealing with cash in the government completely reduced our country to less cash and any Also cash will not help in the transition to the economy, he pointed out. He said, “China has done this. More than 87 per cent of businesses are now in non-cash mode, as per 12 per cent in India. ”
Some subsidies for cash purchases (no fees when depositing cash in banks, providing no less than Rs 10 notes for transactions) need to be passed continuously and using the LED model, Fin-Tech There is a need to make the infrastructure universal and cost-free, he replied. Three years ago, on 8 November, Prime Minister Narendra Modi decided to stop the use of old Rs 500 and Rs 1,000 notes in an effort to control black money, support digital payments and make India a low-cash economy…