How to exchange ₹2000 notes in India!

The country's central bank Reserve Bank of India (RBI) has announced the sudden withdrawal of 2000 rupee notes from the market, India's highest currency. The RBI said on Friday that the notes can be deposited in banks and replaced by other notes by September 30. However, due to some confusion about this, RBI published a circular on Sunday about the means of changing or depositing 2 thousand rupees notes.

This central bank of the country said that no one needs to show identity card to deposit or exchange 2000 rupee notes. There is no need to fill any specific form. However, a person can deposit or exchange a total of ten 2000 rupee notes i.e. 20 thousand rupees in the bank at a time.

RBI says, if one has Rs 2000 notes, it should be deposited in the bank between May 23 and September 30. 2000 rupee notes can be exchanged at the bank's 19 regional offices and various banks. One can also deposit 2000 rupees notes in the bank. The Reserve Bank of India has also said that the time for exchanging notes will be extended if necessary.

The announcement of demonetisation of Rs 2,000 notes has again reminded Indians of the events of 2016. That year, Narendra Modi's government withdrew 86 percent of the country's currency overnight. Which created panic among the people of the country.

However, the decision taken to withdraw the notes will not have any major impact on the economy, according to economists and analysts of the country. Because these notes will be withdrawn gradually.

In 2016, the Rs 2,000 note was released to quickly fill the gap created by the withdrawal of the old currency. But after a few days the central bank of India said that they want to reduce the circulation of these notes. Not even a new 2000 rupee note has been printed in the last 4 years. The Central Bank of India said, "Even common people did not use these big notes much."

Why is it withdrawn now?
India's ruling BJP government and the central bank have not specified why the decision to withdraw the Rs 2,000 note has been taken at this time. However, analysts say that general elections are coming in India. And illegal transactions increase before elections. It has been decided to withdraw Rs 2000 notes to keep it under control. L&T Finance Holdings Chief Economist Rupa Rege Nitsure said, "Such a decision before the general elections is very wise. Those who were depositing these notes will now face difficulties.

Will it affect economic growth?
The value of the 2000 rupee note in India is 3.62 trillion rupees ($44.27 billion). This number is equal to 10.8 percent of the current currency in the country. Economist Rupa Rege Nitsure said, "There will not be any major problems due to withdrawal of these notes." Because there are enough notes of small numbers in the market. Besides, in the last 6-7 years, the digital transaction and e-commerce sector has become much more prosperous.

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