Congress’s calculation on ‘new demonetisation’, banks will waste 144 crore minutes in changing 2000 notes!

New Delhi,

Banks across the country have started exchanging the demonetised Rs 2,000 notes. Almost all the banks are informing their customers about the commencement of this facility and on the first day on Tuesday, lines were seen in the banks. Now this process of changing notes is going to continue for four months i.e. till 30 September. However, the situation is not the same as it was in 2016, as the Rs 2,000 pink notes have been taken out of circulation, yet they remain legal tender. That is, purchases etc. can be made through these notes till the due date. However, the busyness of the banks has definitely increased and the opposition i.e. the Congress has explained the full account of this as a new issue.

Congress made the exchange of notes an issue
On behalf of Congress, spokesperson Gaurav Vallabh has presented an estimate of the time taken for the process of changing Rs 2,000 notes. He said during a press conference that for the coming four months, banks are going to be busy in exchange of closed notes of only Rs 2,000 except for their essential work. The Congress spokesperson said that after the announcement by the Reserve Bank of India (RBI) on May 19 to put these notes out of circulation, now the process of replacing them has started. It is going to take crores of hours of the bank.

‘Banks will be busy for 25 million hours in four months’
Presenting the figures, Gaurav Vallabh said that about 181 crore 2,000 rupee notes are present in the market in the country, the process has been started to change them. If a person changes only 5 notes instead of 10 at a time, then banks will have to do more than 36 crore transactions in the next four months. The Congress spokesperson said that suppose the bank takes four minutes in a transaction, then 144 crore minutes are going to be spent in these 36 crore transactions. That is, in four months, about 2.5 crore hours will be spent by banks to exchange only Rs 2,000 notes. This data has been shared on the official Twitter account of Congress.

RBI made a big announcement on May 19
Significantly, the RBI had decided last week to withdraw Rs 2000 notes on May 19, 2023 under the ‘Clean Note Policy’. RBI has given banks the facility to deposit and exchange 2000 rupee notes till 30 September 2023. Exchange of notes has also started. They are being changed from Tuesday in all banks and Reserve Bank branches. However, on the first day, in many areas in the capital Delhi, an atmosphere of chaos was seen in the exchange of 2000 rupee notes. However, as per RBI orders, these notes are still legal tender.

10 notes can be exchanged at a time
According to RBI, any person can exchange notes up to a limit of Rs 20,000 at a time. All banks have completed their preparations as per the instructions of RBI regarding the process of note exchange. Significantly, while announcing the withdrawal of 2000 notes from the market, it was said by the RBI that these notes will remain legal tender for the time being, as well as the central bank has asked all banks not to issue new 2000 rupee notes. Said.