Soiled Rs 200, Rs 2000 notes stuck in exchange counter

Soiled Rs 200, Rs 2000 notes stuck in exchange counter

Mumbai | New Delhi: It has become impossible for banks to exchange soiled banknotes of Rs 200 and Rs 2,000 denomination as the rules governing their exchange are yet to be amended. Exchange of mutilated and imperfect notes is governed by Reserve Bank of India (Note Refund) Rules which are part of Section 28 of the RBI Act. The Act specifies currency notes of Rs 5, Rs 10, Rs 50, Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000 denomination, but Rs 200 and Rs 2,000 notes are conspicuously missing ..

The Rs 2,000 note was issued soon after the demonetisation on November 8, 2016 and the Rs 200 note was launched in August 2017.

There are about Rs 6.70 lakh crore of Rs 2,000 notes in circulation and the Reserve Bank of India has stopped fresh printing of them, economic affairs secretary Subhash C Garg said on April 17.

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