RBI Announces Temporary Closure of Rs 2,000 Notes Exchange Facility On January 22

RBI Declares Short-term Closure of Rs 2,000 Notes Alternate Facility On January 22

RBI has introduced that the ability to trade and deposit Rs 2,000 notes is not going to be accessible on January 22.

Rs 2,000 Notes File Image
Deposit Facility Not Accessible On Monday (Rs 2,000 Notes File Picture)

Mumbai: In its new regulation, the Reserve Financial institution of India has stated that the ability to trade and deposit Rs 2,000 notes is not going to be accessible at RBI places of work on January 22, the day of the consecration of the Ram temple in Ayodhya. The Division of Personnel and Coaching of the RBI has issued an order for a half-day closure of central authorities institutions for the date. Notably, all public sector banks, insurance coverage firms, monetary establishments and regional rural banks (RRBs) throughout the nation will stay closed for half a day on the special occasion of January 22.

Deposit Facility Not Accessible On Monday

“The ability of trade or deposit of Rs 2000 banknotes is not going to be accessible on Monday, January 22, 2024 at any of the 19 Situation Places of work of the Reserve Financial institution of India as a result of half-day closure introduced by the Authorities of India,” the central financial institution stated in a press release. The ability will resume on Tuesday, January 23, 2024, it added. On Might 19, final yr, the RBI introduced the withdrawal of Rs 2,000 financial institution notes from circulation.

The entire worth of Rs 2,000 financial institution notes in circulation, which amounted to Rs 3.56 lakh crore on the shut of enterprise on Might 19, 2023 (when the withdrawal of the forex notes was introduced), has declined to Rs 9,330 crore on the shut of enterprise on December 29, 2023.

As a lot as 97.38 per cent of the high-value forex in circulation as of Might 19, 2023, has since been returned to the banking system as of December 29, 2023. The Rs 2,000 financial institution notes had been launched in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 financial institution notes. The Rs 2,000 financial institution notes proceed to be authorized tender.

RBI Asks Financial institution Ombudsmen To Guarantee Efficient Redress Of Buyer Grievances

RBI stated that because the Maharashtra authorities has declared January 22 as a public vacation beneath Part 25 of the Negotiable Devices Act, 1881, there shall be no transactions and settlements in authorities securities (main and secondary), overseas trade, cash markets or Rupee Curiosity Fee Derivatives on January 22.It stated that the settlement of all excellent transactions will accordingly be postponed to the following working day i.e., January 23.

The RBI has requested inside ombudsmen of banks, NBFCs, and credit score data firms (CICs) to supply inputs for enhancing inside techniques and processes with the intention to guarantee a simpler redress of buyer grievances.

As a part of the Reserve Financial institution’s persevering with engagement with regulated entities, the second Convention of Inner Ombudsmen on the theme ‘Orchestrating Buyer Delight by way of an Empowered Inner Ombudsman’, was held in Mumbai on January 16, based on an RBI assertion issued on Thursday.

Deputy Governor Swaminathan J., in his keynote handle, emphasised the pivotal position of Inner Ombudsmen as vigilant observers and facilitators in a good and simply dispute decision course of for making certain efficient and neutral redress of buyer grievances inside the regulated entity itself, the RBI stated. He referred to as upon the Inner Ombudsmen to supply priceless inputs for enhancing inside techniques and processes in addition to to proactively information the regulated entity in taking remedial measures to deal with recurring complaints.

(With inputs from companies)



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