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Business News/ News / India/  Odisha: People throng RBI office to exchange 2,000 notes as deadline passes, police verify their identity | Here's why
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Odisha: People throng RBI office to exchange ₹ 2,000 notes as deadline passes, police verify their identity | Here's why

Exchange of ₹2,000 notes: A Odisha Police team reached the RBI office in Bhubaneswar and questioned people standing in the queue to find out if they were acting as agents for others.

People waiting in long queue for exchanging money outside RBI building New Delhi. (Representative image)Premium
People waiting in long queue for exchanging money outside RBI building New Delhi. (Representative image)

People standing in a queue to exchange 2,000 currency notes at the Reserve Bank of India (RBI) counter in Bhubaneswar were reportedly quizzed by the Economic Offence Wing (EOW) of the Odisha Police on Wednesday. Their Aadhar cards were verified and they were questioned about their occupation in a bid to find out if they were acting as agents for others, a PTI report said. 

The move came after several reports claimed that a few people were engaged to exchange 2,000 currency notes on a wage basis. According to a PTI report published by NDTV on Thursday, the "agents" are believed to be paid 300 as wage for exchanging 20,000 at the RBI counter. Earlier this week, Money Control reported that "middlemen" operating outside the RBI office in Delhi were allegedly charging 400 commission to exchange 2,000 notes.

In the wake of these allegations, the Odisha Police's EOW team reached the RBI office in Bhubaneswar on Wednesday and questioned people standing in the queue to find out of they were agents. An EOW official told PTI that officials "verified the Aadhaar card of the people standing in the queue to exchange 2,000 currency notes and also asked them about their occupation".

Another official was quoted as saying that many in the queue were seen holding exactly 10 pieces of 2,000 currency notes. "How come most of the people in the queue have exactly 10 pieces of 2,000 currency notes? There is reason to doubt whether the people in the queue are genuine or engaged by some other to get the money exchanged on their behalf," the official said.

As part of the crackdown, the EOW officials also checked the CCTV footage of the RBI which takes pictures of people in the queue.

In pursuance of the “Clean Note Policy" on May 19 this year, the RBI decided to withdraw the 2,000 denomination banknotes from circulation. While the public was asked to deposit the banknotes, the RBI said the banknotes will continue to be legal tender. The RBI said the public can still deposit or exchange the 2,000 denomination banknotes at the 19 RBI offices in the country. The deadline to deposit/exchange of 2,000 banknotes at bank branches ended on October 7, 2023.

"The 2,000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of 20,000 at a time. Individuals / Entities can also tender 2,000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount. Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI," the RBI said.

The 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all 500 and 1000 banknotes in circulation at that time.

(With inputs from agencies)

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Published: 02 Nov 2023, 03:29 PM IST
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