RS 2000 note exchange with bank customers abuse rbi soft regulation harmful to the banking system | Pro IQRA News

New Delhi: After the year 2016, demonetisation has been announced once again in the country. Ever since the Reserve Bank revealed to the media that the 2000 note is being phased out, there has been an atmosphere of panic among people. But this time, not only have users been given enough time to submit their notes, but no restrictions or conditions have been placed on it. People benefit from this RBI discount.

In fact, the Reserve Bank has clearly stated in its notification regarding the 2000 note that it will neither require customers to provide any proof of identity nor fill in any form. Yes, the only condition is that a person can deposit or exchange only 10 notes ie up to 20 thousand rupees at a time. People are also availing this RBI discount wrongly. It is known that lawsuits have also been filed in court for violations of this rule.

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A PIL has been filed
Virag Gupta, a legal expert on cyber issues in the Supreme Court, says that this time too, some people are taking undue advantage of the RBI’s relaxation. This time there is no registration of deposit or exchange nor any inquiry about the amount deposited. In such a case, there is a high possibility that some people will mistakenly deposit their money in bank accounts or bring legal currency instead. Virag Gupta says that this time a Public Interest Litigation has also been filed in the court regarding these decisions of the RBI. Illegally earned money is also said to be deposited into bank accounts without scanning taking advantage of relaxations in the rules.

A man collects 10-10 bills
When demonetization was done in 2016, various rules were implemented that require whoever submits or exchanges notes to show where the money comes from along with their identity proof. No such arrangement was made this time. Of course people can go to 10 banks in a day and deposit 2000 notes. As there is no order from RBI to keep records of these customers, banks are also depositing money indiscriminately without any inquiry and investigation.

Possibility of laundering illegal money
Ashwini Rana, banking expert and founder of Voice of Banking, says this time people are taking advantage of RBI’s relaxation to easily legalize illegally earned money. Now that the banks don’t ask for any identification or proof, people launder money earned illegally through the system by depositing it into their accounts or converting it to other currencies.

Notes can also be exchanged with others
This time RBI has not made strict rules for exchanging or depositing notes, so people can take advantage of this to deposit their money through others. Experts say that even if a person gives his 2000 note to another person and sends it to the bank, he will easily get another note and thus his money will be converted into white money. This Gorakh scam has started since May 23 and other people either take the money from such black money holders and deposit it in the bank for few rupees or convert it into other currency.

Both Virag Gupta and Ashwini Rana agreed that this time even black money in the form of Rs 2,000 is entering the system due to the lack of strong rules and the adoption of a flexible approach. However, RBI’s aim is currently to phase out this currency from the system. Perhaps this is why, instead of creating stricter laws, it has given people the freedom to collect money easily.