On 19th May, RBI gives a circular which I am going to show you now. After this circular, everyone starts talking. Whether you pick a news channel, or on social media, pick YouTube, Instagram, Facebook, or Twitter, everywhere the talk starts that 2000 note is being banned. People start talking about demonetization. I actually read the RBI’s circular first and I will make you read this circular. Here you will see this circular. This is RBI’s website and this is RBI’s circular which came on 19th May.
If you search in this circular, if I write ban here, you will see banks everywhere. No word named ban is used here. You can read it yourself. Apart from this, if we write demonetization, then demonetization is not used anywhere. There is no talk of note banning, there is no talk of ban. So let’s understand what is happening. First, you read its subject. Here it is written, withdrawal from circulation. This means 2000 notes are being stopped from circulation.
But it is written ahead, and will continue as a legal tender. Now RBI is saying that 2000 notes have to be stopped from circulation. Why to stop? I will give you information on this. But see here, what steps are being taken to stop it from circulation? Number one, the bank will not issue any more 2000 denomination notes. With immediate effect, whatever money is kept in the currency chest of the banks, if they have 2000 notes, they will not give those 2000 notes to the public.
With immediate effect. Now the note of 2000 will not come in circulation in the market. You understand this. But you will say that we already knew this information. Because here too, RBI has said in this circular itself that we stopped printing 2000 notes in 2018-19. So in 2018-19, you can say that the last time 2000 notes were printed. After that, the notes were not printed at all.2019, 20, 21, 22, today we are standing in 23. After that, the notes of 2000 were stopped printing.
So the printing stopped a long time ago. So the clear motive of RBI was that we have to stop the 2000notes from circulation. Now many people are debating on this that if it had to be stopped, it had to be stopped in circulation or as people say that it had to be banned, it had to be stopped. So why did they bring the 2000 note in the market? Well, maybe we are not so smart. RBI will be smarter. At that time, when demonetization was done, people had 500 and 1000 notes.
Now if we stop it suddenly and people will need cash, then the500, 100 or 200 currency notes that were brought later, they could not be produced in such a quantity that people could meet the requirements at that time. So the value of 2000 notes, I will talk about 4-500 notes, 1-2000notes.So by bringing one note, people’s immediate problems can be solved at that time.
But the point is that many people are saying that it was clear that 2000 notes will be brought, so what will happen with this that you will be able to keep more black money with you. But from this step, we will talk about black money and above that we will talk about one more thing, but I will tell you that too.
Let’s understand the circular first. So you understood this, after that, now you understand, what is being said to people now, a timeline has been given here, which you are also able to understand that by September 30, you can go and deposit your 2000 notes, you can exchange them, read this, deposit and exchange, it is important that what time is being given to you now,
the public is being given time that we are stopping from circulation, you want to stop from circulation, if you want to exchange your 2000 note, then you go to the bank and you can go to the bank and exchange your 2000 note and you can take money in the denomination of 500, 200 or 100.
Point number one, number two, what is here, that a limit has been set here that you can exchange only 10 notes for 2000 at a time, now I have understood the point of this exchange here, you must have understood it too, but now many people will miss this line. Here one thing has been said that whatever notes you will get from the bank, their accuracy and genuineness will be checked through the bank machine itself. Now the point comes here that if a fake note is caught, what will happen if a counterfeit currency is caught, you read this master direction here too,
now this is important, what is important here, see this, it was already there, so if you see it in April, then this master direction came in April 2023, so what was said in this master direction that if four notes are caught at a single transaction at a time, which will be fake, then if you take the fake note to the bank, then the bank will put a counterfeit stamp on it and it will be impounded with you, you will not get it back, understand this as point number one.
Point number two is that if four notes are caught at a time, here the bank’s nodal bank officer will have to report it to the nodal police station at the end of the month, but if more than five notes are caught at a single transaction ate time, then what will happen now, let’s understand this, here they will have to report immediately to the police station and after that there will be FIR, now there can be many questions here, like if someone has more than 20,000 money, more than 2000 notes, more than 10,then what will happen, at one time you are understanding that only 10 notes will change,
maybe there is a clarification on this that you can get 20,000 in a day, exchange or depositor you will have to wait for a while because if a lot of people reach the banks with more money, then banks will also have limited supply, everyone needs 500 notes, so how will everyone be able to give it, that’s why a cap of 20,000 will be kept, the second question may come that if I do not have an account in that bank, then it is necessary to haven account in that bank, I have a bank near my house, I will go there and get it exchanged, so yes you can go tony bank and get it exchanged, there will be KYC, but it is not mandatory that you have to have an account in that bank,
so the bank will have to change the notes of the other denomination, people feel that such a big step is being taken by RBI that it will completely stop the circulation of notes, but let me tell you one thing, RBI in 2017, the notes of 2000 were about 50% in circulation, after 18, the circulation was 37.3%, in 2019, it was about 31%, in 2020, it was 22%, in 2021, it was about 17%, in 2022, it was 13.8%, and in 2023, it was 10.8% in circulation, the notes of 2000, this means that RBI was not reducing the circulation of notes of 2000 from 2017, now let’s understand what is going to happen from here, now people have started getting scared, it is not written anywhere that even after September 30,
if you read this circular, that even after September 30,whatever 2000 in your pocket, I have this much, so I am showing this much, if you have this 2000 note, it means that the notes of 2000 will not be banned, even after September 30, this is a legal tender, what does it mean, so why was it said, now it was said that stop the circulation, if someone wants to exchange, then he can exchange. Point number one, it may be banned in the future, I am not saying that it cannot be banned, but it is not written anywhere in the circular, plus until there is no notification of ban,
this is a legal tender, if this is a legal tender, it means that you will be able to buy these things in exchange, if someone is refusing to accept, then you will be able to deposit in the bank, exchange may not be possible at that time, but you will be able to deposit in the banks per the circular, no word of ban is mentioned anywhere, so this is also a point, let’s understand further, now there is one more thing here, what do you understand from this, you must have seen the Delhi web series, now due to fake news, you know that a man was stealing note from a car on our golf course road in Gurgaon, the police have also taken action on it,
so there were some YouTubers and they did this, so the craze of Bollywood is increasing lot, but it is not just that, this 2000 note has so much value that the college students have printed it, now they were caught, the note was seized, but let me tell you one thing that if any fake currency is caught in the case of counterfeit currency, then from 7 years to life imprisonment can be punished, but people like that song lot these days, a machine for printing notes, now if the machine for printing notes is caught, then life imprisonment can be punished, you just keep the songs in joke,
you should not have this machine, work hard, earn money, now understand here, there is one thing told that the person who is making fake currency at today’s rate, you can also read this article on fake currency, this is the article of The Economic Times, you can read this, that the National Crime Bureau has seized about 245 crore rupees since the demonetization of 2016, which means fake currency is a very big issue, now it was shown in that web series that how, how finely any man who is making fake currency, he pays attention to every detail and a common man will not know which note is real and which is fake, now I have this note, I do not even know which is real and which is fake, now assume that I will go to the bank with this note. And ask for an exchange.
If one or two notes are fake, then bank will keep that note and I will not get anything against that. I will not get even a single rupee and it will be counterfeit and it will be impounded. Point number two. Those who have fake currency, they will want to get the money in circulation. Because if they get genuine currency, then they will get the work. What is done? If you have seen that web series, common man is caught. That fake note. Now, let’s say a common man is doing a job. He earned 10,000 rupees from somewhere. Common man does not know that it is fake. He was given 5 notes. If those 5 notes are fake, then bank will seize those 5 notes and after seizing, it will file an FIR.
The common man does not know anything. But now, he will be investigated. Where did you get it from? Because it is necessary to expose the whole racket. So, the government is understanding one thing. In fact, this circular of Rican be a very important step. Because here, they have just scared. They said that there will be a legal tender. But the one who has fake currency, now that fake currency was kept somewhere. It will come out. Thieves will do something. And they can get a clue from that. And I think that there will be raids in many places.
You will see this in the news. I think it will definitely come. Those who have fake currency are caught. And a big step is being taken from this. And this will increase the clean note policy of RBI. If you do research on the internet, you will find many cases on fake currency. Take the Naupuda case of 2021.Investigations are still going on. Riaz and Nasir were caught. Fayez has also been caught. Recently, in this month. You understand that fake currency is a big threat to our economy. Here, the billing of D company is being told. So, India is trying to weaken our economy with this fake currency.
So, if you have seen the fake currency, you have understood that how big a challenge fake currency is for us. You must be reading the tweets of different people. In fact, Rapil Sambal has also given his statement on this. In 2016, the circulation of cash in the country was 17.7 lakh crores. And by 2022, it has reached 30.1 lakh crores. And he says that the more cash is in circulation, the more the magnitude of corruption will increase in the country. Now comes point number 2. Point number 2 is black money.
Now, black money is the money that is unaccounted for. The money that is not taxed. The money that no one knows about. It also needs to be circulated. Because if that money is circulated, it will boost the economy. Government will get taxes. Now, how to get that money out? This circular that you are seeing here, is a threat. If it is banned, then that money will have to be taken out. And what did I say? Many people will be scared of this circular. And they will want to do it. Because they know that it can be banned at any time. It is possible that it will be banned by September 30.
And then it will be said that within a week, within 10 days, everything is being banned. So, if a lot of money is taken out, then people can be caught there too. It is very important to bring black money in circulation. And that is why you are seeing how the digital transactions, UPI is being boosted by the government. So, what is important for you? For you, the first thing is that if you have 2000 notes, then you don’t have to panic. Legal tender is still there. And it will be there after September 30. But yes, before September 30, either deposit your notes in the bank, or exchange them.
You will not get 2000 notes from the Atman you were not getting it before. You were seeing that even after 2019, it was very difficult to get 2000 notes from the Atone more important thing is, if you get a fake note anywhere, especially if you get a fake note in the ATM of the bank, then as soon as that note comes out, every ATM has a CCTV camera. First, show that note to the CCTV camera. Keep the transaction slip with you.
You can also inform the security guard that I have got a fake note of 2000.Or even if you get a fake note of 500, any fake note, inform him about it. If you go to the bank and tell him that I have got a fake note from your ATM, you will have to exchange it with the bank. Because that note has come out from the ATM, that’s why the bank will return it to you. But, now, it is important that if you have some fake notes, you won’t know whether it is fake or real.
And if you go to the bank, the bank will confiscate them. I generally feel that if a fake currency comes in circulation, it will affect the common man. There are many such currencies that can be impounded. I want to explain this to you. If you just google, you will google how many fake notes were detected by banks, then you will get the data that in 2021, these pieces,2,30,000 something, were detected. Now, you understand the figure that 245 crores were detected. Previously, this figure was 2,08, 000.This means that the pieces of fake currency are increasing in circulation. And that’s why this step is being taken.