After the announcement of withdrawal of Rs 2000 note, most of the circulation has been deposited in the banks. The Reserve Bank has said in the latest update that till now more than 97 percent of the Rs 2000 banknotes in circulation have been returned.

The post Rs 2000 Note Latest Update: More than 97% returns have been returned to banks, RBI gave latest update first appeared on Rightsofemployees.com.

Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad dismissed the petition. Earlier, the verdict on the petition was reserved on May 30. Petitioner Rajneesh Bhaskar Gupta had argued that the RBI has no power to withdraw Rs 2,000 notes from circulation and only the central government can decide in this regard.

2000 rupee note

He had said in his petition that the RBI has no independent power to direct demonetisation of bank notes of any value. This power is vested only with the Central Government under Section 24(2) of the RBI Act of the year 1934. The petition was opposed by the RBI saying that the withdrawal of the Rs 2,000 note from circulation is part of the ‘currency management campaign’ and is a matter related to economic planning.

Announcement to withdraw from circulation

RBI had announced withdrawal of two thousand rupee notes from circulation on May 19 and said that the existing notes can be deposited or exchanged in bank accounts till September 30. Earlier, the High Court had rejected the petition of advocate Ashwini Kumar Upadhyay.

The Rs 2,000 bank note

petition claimed that the RBI and SBI notifications allowing exchange of Rs 2,000 bank notes without any evidence were arbitrary and against a law designed to prevent corruption. In this regard, the High Court had said that this has been done to save the citizens from inconvenience. The court also said that it cannot act as an appellate authority on any policy decision.

The post Big update on Rs 2000 note in the first week of July itself, court took important step first appeared on Rightsofemployees.com.

HDFC Bank has also started sending messages and information to its customers to start depositing Rs 2000 notes. HDFC Bank has said in an email sent to its customers that we would like to update you about the 2000 rupee notes issued by the Reserve Bank of India (RBI).

HDFC Bank has said in the email that Rs 2000 note will remain legal tender. You can use it for all your transactions. It can also be used as payment. Customers can conveniently deposit Rs 2000 notes into their HDFC Bank account at any branch till 30 September 2023. Banks can exchange their money from any branch of HDFC Bank from 23 May 2023 to 30 September 2023.

Apart from this, SBI has said that no ID or slip slip is required to deposit up to Rs 20,000 at a time. In its circular dated May 22, the RBI also advised banks to provide over the counter exchange of Rs 2,000 notes to customers. The central bank said that keeping in view the summer season, banks are advised to provide basic facilities like waiting area, drinking water in the branch. RBI has fixed September 30 as the deadline for depositing or exchanging Rs 2,000 notes in banks.

RBI Governor Shaktikanta Das said on Monday that the RBI is withdrawing Rs 2000 notes from circulation, but it will continue as leger tender. He said that there is no need to panic. He said that the purpose for which Rs 2000 notes were introduced has been fulfilled.

The post Rs 2000 Note: HDFC Bank said this to change Rs 2,000 notes, e-mail sent to customers first appeared on Rightsofemployees.com.