RBI to withdraw Rs 2000 currency note from circulation but it will continue to be legal tender.
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Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination will continue to be legal tender.
Exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023, says RBI
All banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023: RBI
Exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023, says RBI
All banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023: RBI
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https://www.desidime.com/discussions/rbi-to-withdraw-rs-2000-currency-note-from-circulation-but-it-will-continue-to-be-legal-tender?page=6#post_9295997
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This includes shopkeepers, lawyers, doctors, property dealers, agents etc. As of now Govt has no means to track their earnings especially in tier-2 cities/villages and it has rely on their declared income only / spend patterns.
Bk100 wrote:In India everybody who earns income from business/profession which cannot be captured automatically, prefers to keep earnings as cash at home. They are able to hide/reduce their declared income and avoid taxes. They also try to maximize their spendings in cash, which further eliminates any records of their earnings.Why you keep so much cash in home?
This includes shopkeepers, lawyers, doctors, property dealers, agents etc. As of now Govt has no means to track their earnings especially in tier-2 cities/villages and it has rely on their declared income only / spend patterns.
https://www.desidime.com/discussions/rbi-to-withdraw-rs-2000-currency-note-from-circulation-but-it-will-continue-to-be-legal-tender?page=6#post_9296462
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aam_aadmi wrote:also govt dont even try to track them income tax dept itself is understaffed so they only scrutinize big businesses only so all those guys who showing 10L income as 6L gets away easily 😉
In India everybody who earns income from business/profession which cannot be captured automatically, prefers to keep earnings as cash at home. They are able to hide/reduce their declared income and avoid taxes. They also try to maximize their spendings in cash, which further eliminates any records of their earnings.
This includes shopkeepers, lawyers, doctors, property dealers, agents etc. As of now Govt has no means to track their earnings especially in tier-2 cities/villages and it has rely on their declared income only / spend patterns.
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It is indeed a very good step but taken very late.
It seems that inbuilt Chip of ₹2000 notes didn't work.
All black money's in 2k note now they would exchange it for 500 note (they did same last time also 99% money returned to bank for a reason) which will indirectly cost rbi more to print those, already rbi lost thousands of crores printing new notes, now they have to print more 500 note
cash circulation is at highest already 