RBI Rules For Exchanging 2000 Rupees Note:Now Rs 2000 notes are almost out of circulation. Two thousand rupee notes are not visible anywhere in the market. 2000 rupee notes were taken out of circulation on 13 June 2023 by the Reserve Bank of India. At that time, the total market value of Rs 2000 notes worth Rs 3.56 lakh crore were in circulation. But today, even after so much time has passed, the entire Rs 2000 notes have not been returned to the Reserve Bank of India.
Till now people still have Rs 2000 notes worth Rs 6970 crore. Even now Rs 2000 notes are being exchanged by the Reserve Bank of India. But what if a person can exchange Rs 2000 notes from Reserve Bank of India for his neighbour. Is it a crime to do so? How much punishment can there be for doing this? Let us tell you.
Can you exchange Rs 2000 notes from your neighbour?
If you have your own Rs 2000 notes. So you can go to RBI office and get them changed. But if those notes belong to your neighbor then doing so can be risky for you. Doing this can put you in trouble and you can be caught under money laundering or fraud.
Legal action may be taken against you. According to RBI rules, only the person in whose name the account is can deposit money in his account or get the notes exchanged. If someone does not do so, then action can be taken against him under PMLA i.e. Prevention of Money Laundering Act.
How much can be the punishment?
Exchange of Rs 2000 notes from a neighbor can be considered as fraud and money laundering. If any person is accused of money laundering, it is proved. So in such a situation, his property can be confiscated and he can be sentenced to 3 to 7 years of imprisonment. So in the case of fraud, the accused can be tried for 7 years.
Also read: Can two bank accounts be linked to PF account? Know what its rules say
You can change your own notes
Any person can exchange his notes as per the instructions of RBI. For this, he has to complete the process of exchanging notes as per the rules prescribed by RBI.
