RBI Rules For Exchanging 2000 Rupees Note: Now 2000 rupee notes are almost out of circulation. Two thousand rupee notes are not seen anywhere in the market. 2000 rupee notes were taken out of circulation on 13th May 2023 by the Reserve Bank of India. At that time, 2000 rupee notes worth total market value of 3.56 lakh crore were in circulation. But even after so much time has passed, the Reserve Bank of India has not got all the 2000 rupee notes back.
Till now, 2000 rupee notes worth 6970 crore rupees are still with the people. Even now, 2000 rupee notes are being exchanged by the Reserve Bank of India. But can a person exchange 2000 rupee notes from the Reserve Bank of India for his neighbor? Is doing so a crime? What can be the punishment for doing so? Let us tell you.
Can I exchange my neighbor's 2000 rupee notes?
Suppose you have 2000 rupee notes of your own. Then you can go to the RBI office and get them exchanged. But if those notes belong to your neighbor, then doing so can be risky for you. Doing so can put you in trouble and you can be caught under money laundering or fraud.
Legal action can be taken against you. According to RBI rules, only the person in whose name the account is can deposit money in his account or exchange the notes. If someone does not do so, then action can be taken against him under PMLA i.e. Prevention of Money Laundering Act.
What can be the punishment?
Exchanging 2000 rupee notes of a neighbor can be considered as fraud and money laundering. If the allegation of money laundering is proved against a person, then his property can be confiscated and he can be sentenced for 3 to 7 years. Whereas in the case of fraud, he can be sentenced for 7 years with life imprisonment.
You can change your own notes
As per RBI, any person can change his own notes. For this, he has to go under the rules prescribed by RBI and complete the process of changing notes.
Disclaimer: This content has been sourced and edited from abplive.com. While we have made modifications for clarity and presentation.
