New Delhi – You will remember the day of November 8, 2016. Reserve Bank issued circular On the same day when Prime Minister Narendra Modi had announced the closure of 500 and 1000 old notes under the ban on bondage and the new notes of 500 and 2000 rupees in place. Now, we are seeing the same again in the last few days.
According to the new announcement of RBI, after October, the notes of 2000 and 500 at ATMs will stop getting noticed. Only 100 rupees notes will be added to the ATM from banks. For this, the Reserve Bank has issued circular. The Government and the RBI are being framed by the move that the Modi government is again planning to exclude notes of 500 and 2000 rupees from circulation.
ATMs will not meet 500 and 2000 notes
Actually, the motive behind this move of the government is to prevent tax evasion and cash flows. But, there is no need to scare you because the government will not ban the big currency from circulation by making a ban on this time. Rather, it is estimated that these notes will be taken out of the market gradually. That is why, the RBI is gradually reducing the number of currency notes in a planned manner.
RBI had issued this circular prior to circular blockade in this regard. But due to the ban on paper, it did not happen. Now the RBI is in the process of implementing it again. According to a private bank’s currency chest manager, people have once again started depositing notes of 500 and 2000
The motive behind this step is to encourage the customers to make payment of more than 20,000 in checks. By which tax thieves can be monitored and people have to be less dependent on ATMs. IBI has asked the banks to discontinue the notes of 500 and 2000 notes at ATMs till Diwali, banks of these notes will issue notes of only Rs 100 in the ATM. If this happens then there will be a reduction of cash in the market again.