Rs 3 lakh crore additional liquidity may return to system if all Rs 2,000 notes are deposited/exchanged: RBI Guv

He made it clear that RBI was not thinking of withdrawing Rs 500 notes, or even re-introducing notes in the Rs 1,000 denomination, and requested the public not to speculate on this.

On May 19, the RBI announced the withdrawal of Rs 2,000 denomination banknotes as part of its currency management and permitted the exchange of such notes (up to Rs 20,000 in one go) from May 23 onwards. The central bank has given the public time till September 30 to either deposit such notes in accounts or exchange them at banks.

Customers can visit the nearest branch of a bank and provide account details. As per RBI’s guidelines, even customers without bank accounts can exchange/deposit Rs 2,000 banknotes with other denominations. Banks will then provide the request slip, which must be filled by the customer. This will require basic details such as the ‘Tenderer’ name and information on the denomination such as the number of pieces and value. The customers will also have to mention the place and date of exchange.

The RBI introduced the Rs 2,000 notes in November 2016 to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.