Unusual Activity at RBI Bhubaneswar as People Exchange Rs 2000 Notes for Cash

BHUBANESWAR: 31/10/2023: In an unexpected turn of events, a peculiar situation unfolded at the Reserve Bank of India (RBI) Regional office in Bhubaneswar. Despite the deadline for depositing and exchanging Rs 2000 currency notes at bank branches passing on October 7, a long queue of individuals was spotted outside the RBI office.

What caught the public’s attention was the revelation that some individuals were paying Rs 300 to those waiting in line to exchange Rs 2000 notes with a face value of up to Rs 20,000. Many in the queue claimed to be unfamiliar with the identity of these benefactors, who were apparently willing to part with cash in exchange for the notes.

Regional Director of RBI Bhubaneswar addressed the situation, explaining that there is no official limit set for such exchanges, and they have provisions in place to accommodate nearly 250 people daily, offering them necessary facilities. The RBI Regional Director noted that they receive Rs 2000 notes worth Rs 2 crore each day, with approximately 95% of them being exchanged, and only 5% being deposited into bank accounts.

Regarding the issue of whether this might be an attempt to convert black money into white, the RBI Regional Director mentioned that law enforcement agencies are capable of investigating such matters. The RBI office maintains official records, including identity cards and other documents for exchanging up to ten Rs 2000 notes, along with CCTV footage, ensuring transparency and accountability.

The situation at the RBI office in Bhubaneswar remains under scrutiny, and it is yet to be determined whether this unusual exchange of currency notes is part of a broader financial trend or an isolated incident.