Ramakanta Biswas

The Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2,000 currency notes from circulation and set September 30 deadline to either deposit such notes in accounts or exchange them at banks.

With the exchange of Rs 2000 notes into banknotes of other denominations all set to begin tomorrow (May 23), the RBI on Monday issued an important circular to all banks.

The country's central bank said that the facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, as was provided earlier.  

"Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season," the bank wrote to the Chairman/Managing Director/Chief Executive Officer of All Banks.

The banks have been asked to maintain daily data on deposits and exchange of Rs 2000 banknotes in the format shared by the RBI and submit the same as and when called for.

Meanwhile, RBI Governor Shaktikanta Das on Monday said the impact of the withdrawal on the economy will be "very very marginal" and added that Rs 2,000 currency notes made up for just 10.8 per cent of the total currency in circulation.

He said the existing income tax requirement of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn 2000 rupee notes.