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Old Rs 500 and Rs 1,000 notes were demonetised in 2016.
No record is being kept while depositing and exchanging Rs 2,000 currency notes.
Six and a half years after the demonetisation of Rs 500 and Rs 1,000, the Reserve Bank of India has once again announced the withdrawal of Rs 2,000 notes. However, contrary to last time when people hardly had a few hours to get their notes exchanged, this time the deadline is until September 30, which is also likely to be extended. Reports suggest that this time people are taking undue advantage of RBI relaxing certain rules.
According to Supreme Court Legal expert on cyber matters and lawyer Virag Gupta, no record is being made while depositing and exchanging Rs 2,000 currency notes and neither is any investigation being carried out to get to the source of the money. This is in sharp contrast to 2016 when depositors had to reveal their source of money while having to produce ID proof. However, this time no ID proof is needed as well. Virag Gupta said that a public interest litigation has even been filed in the court regarding these relaxations of rules. According to him, illegally earned black money is also being deposited in the bank without any scanning.
According to Voice of Banking founder and banking expert Ashwani Rana, this time people are readily legalising money that has been gained unlawfully by taking advantage of the RBI’s lenient policies. People are now earning white money through the system by depositing their unlawfully obtained money in their accounts or by converting it to other currencies when no identity or verification is required at the banks.
Both Virag Gupta and Ashwani Rana said that the absence of strict regulations and the use of a flexible strategy is to blame for the entry of black money in the form of Rs 2,000 this time. However, the RBI’s present objective is to remove this currency from the system. Perhaps for this reason, instead of imposing stricter regulations, it has allowed customers to deposit money with ease.
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