Exchange, deposit of Rs 2,000 notes can be done several times a day: DEA Secy Ajay Seth

Department of Economic Affairs Secretary Ajay Seth said that there will be no impact of the withdrawal of Rs 2,000 banknotes from circulation on cash supply or financial transactions. He also said that there is not objective beyond the RBI’s plan to make clean notes available to the public.

Speaking on the ways to return or deposit Rs 2,000 banknotes in the banks, the DEA Secretary told Business Today TV that a person can exchange or deposit several times in a day. 

The Secretary’s comment comes after the RBI announced that the maximum limit of exchanging is Rs 20,000 in one go. This means that a person can exchange 10 Rs 2,000 banknotes at one time. 

It also said that if the exchange is done through business correspondents, then the limit is Rs 4,000, meaning two Rs 2,000 banknotes can be exchanged through BCs. 

The RBI had also clarified that when it comes to deposits, there are no restrictions. 

“It is neutral and has no impact on the economy. We want clean notes being available to the public, and there is no other objective of this exercise by RBI,” said Ajay Seth to BTTV.

Also watch: RBI governor Shaktikanta Das explains Rs 2,000 exchange, deposit rules, deadline, limit

Reiterating the same, RBI Governor Shaktikanta Das said on Monday that withdrawal of Rs 2,000 banknotes is part of currency management. “We expect most of Rs 2,000 bank notes to come back to the exchequer by September 30. Banks have been advised to make necessary arrangements for exchange of Rs 2,000 banknotes,” he said. 

The Governor also said that there is no need to worry and that the central bank has given enough time of 4 months to complete the exercise. “We have given the deadline of September so that the process is taken seriously. We can’t leave it open ended,” he said, further adding that RBI will be sensitive to the problems and difficulties of all citizen, including Indians living abroad, senior citizens and students studying overseas. 

Also read: Rs 2,000 note withdrawal: RBI Governor Shaktikanta Das urges customers to not rush to banks

Also read: ‘Provide shaded waiting space, drinking water’: RBI to banks on withdrawal of Rs 2000 notes