Long queues at RBI Belapur office to exchange ₹2000 notes

People coming from all over State want better facilities, option to deposit in banks; allegations of middlemen being used

NAVI MUMBAI

Navi Mumbai, India - Nov. 29, 2023:Long queue for exchanging ₹2000 notes at RBI Belapur in Navi Mumbai, India, on Wednesday, November 29, 2023. (Photo by / HT PHOTO) (HT PHOTO)

While the last date for exchange of ₹2,000 notes at banks expired on October 7, the facility to exchange the legal tender continues at 19 Reserve Bank of India (RBI) offices. The RBI office at Belapur is still witnessing long daily queues of people coming from all over the State lining up to exchange the notes. The people are demanding options to deposit in local banks and also better facilities. There are also allegations of middlemen being used by some to get the money exchanged.

Obviously not many are aware of the postal facility offered or are not comfortable with it for some reason. This has resulted in the daily queues. People from various parts of the State stand for hours in the hot Sun to get their notes exchanged. The exchange is allowed from 10 am to 3 pm with those in queue being given tokens.

Said Rakesh Patil, who came from Akola, “I had gone to my village bank and they told me to go to the RBI office to change the notes as the last date had elapsed. I left my village at 8 pm last night and came here in the morning. I have been standing for over 3 hours since 10 am in the hot Sun. There is no seating arrangement or cold water facility, the water available is kept in the open. The government knows people are coming here and so it should have made some arrangements.”

Said Vijay Kohire from Diva, “I had to leave my shop work and come all the way here. Of course it is our mistake that we did not change the notes earlier.”

Demanded Upendra Pawar, from Pune who wanted to exchange 3 notes, “There should be provision for the major banks in a city or at least one bank in every city to exchange the notes. I had to waste my entire day coming here. Why should we have to come to Mumbai?”

One of those standing in the queue had ₹40,000 even as the limit is ₹20,000 at a time. There was another woman who came in a car with one note of ₹2,000. She said that she will give it to someone to exchange.

Claiming that middlemen are being used, Sudhir Dani, president of Alert Citizen Forum, “More than 98% notes have been returned to RBI. But there should be a proper tracking of this system. Look at the people standing in the queue. There are several who it is obvious cannot have so many high denomination notes. There are also several who seem to be coming regularly.”

He added, “I pass through the area every day and see people standing here. It does not look like they had this money for several months and had yet not changed them. This seems to be a ploy by some people to convert their black money using middlemen.”

While RBI officials refused to comment, sources in the know said paucity of space in areas like Mumbai made it difficult to provide facilities as the offices are located right on the roads. Shamianas have been erected at RBI offices in Delhi and Kolkata. The facilities provided within the RBI offices are reportedly good.

On the demand for exchange at private banks, the source said, “Just around 1% of the currency remains to be exchanged and hence it is not feasible to have an arrangement with the other banks.”

Stated the source, “A large number of people are sending the notes through registered or speed post and there is no limit to the amount they can send, unlike in the physical exchange process where only ₹20,000 can be exchanged. There is no need to go all the way to the RBI offices.”

Referring to the middlemen, the source said, “There are such reports but RBI cannot do anything about it as it happens outside their offices. There is a commitment given on the notes to pay the bearer the currency amount and hence RBI has to fulfill it when presented with it.”

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The Background

It was on May 19 this year that the ₹2,000 notes were withdrawn by RBI from circulation. People were given the option to either exchange them or deposit them in their banks all over the country till September 30. The deadline was later extended to October 7, 2023. Thereafter, the exchange has been allowed at the 19 specified RBI offices spread all over the country. People can also tender the notes at these offices for credit in their bank accounts. Such credit or exchange is subjected to relevant RBI, submission of valid identity documents, government regulations and due diligence as deemed by the RBI.

Recently, RBI announced that the notes can also be sent through post to the offices with the valid identity proof and the amount will be directly deposited in the respective bank accounts