Rs 2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs 2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic
Read moreThe central bank has said it will withdraw ₹ 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. The Reserve Bank of India's (RBI) 19 regional offices and other banks will start taking ₹ 2,000 notes for exchange with lower denomination one from May 23. They will remain legal tender, the RBI said.
The RBI has told all banks to stop issuing ₹ 2,000 notes immediately.
The RBI started printing the ₹ 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value ₹ 1,000 and ₹ 500 notes overnight.
"The objective of introducing ₹ 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹ 2000 banknotes was stopped in 2018- 19," the RBI said in a statement.
"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹ 2,000 banknotes into banknotes of other denominations can be made up to a limit of ₹ 20,000 at a time at any bank starting from May 23, 2023," the RBI said.
The central bank said people can deposit or exchange for lower denomination notes till September 30.
The central bank said this note is not commonly used for transactions. The RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014.
Read morePanaji:
Barely two months after the Congress looked to have staved off a defection bid, eight of its 11 MLAs led by top leaders Digambar Kamat and Michael Lobo will join the ruling BJP later today, sources said. They met the Vidhan Sabha Speaker, besides Chief Minister Pramod Sawant. If eight MLAs break away as a group — two thirds of the party strength, that is — they can avoid disqualification under the anti-defection law.
This morning, the MLAs' meeting with the Speaker sparked speculations as the assembly is not in session. State BJP chief Sadanand Shet Tanavade then told news agency PTI that they are joining the party.
Digambar Kamat and Michael Lobo were at the centre of the switchover speculation in July, and the Congress had even asked the speaker to disqualify them under the anti-defection law.
Mr Kamat, a former chief minister, had said he was "shocked and stunned" at the allegations of leading a division. Even Michael Lobo, whom the Congress removed as Leader of Opposition, had claimed there was "no talk of any division". Mr Lobo had switched from the BJP to Congress just before the elections earlier this year.
The Congress was singed in a similar fashion in 2019, when two-thirds of its assembly strength — 10 of 15 MLAs — defected to the BJP, which is why the party this year made its candidates take a loyalty vow.
Yet, the latest defection wasn't entirely unexpected, even though in July the Congress managed to keep at least seven of its MLAs with it. There was no final move by the four others, who included — besides Mr Lobo and Mr Kamat — Kedar Naik and Delilah Lobo, Mr Lobo's wife.
Senior leader Mukul Wasnik had been deputed by Congress chief Sonia Gandhi to handle the crisis, and he appeared to have stopped it.
Or not quite, going by today's developments.
The latest reports of defection come when the Congress is holding a Bharat Jodo Yatra (Unite India March), led by Rahul Gandhi, while the BJP has been taking jibes: "Unite your party first."
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