Citizens can start exchanging or depositing Rs 2,000 notes from May 23, 2023 (Tuesday), following Reserve Bank of India's (RBI's) decision to withdraw them from circulation. The central bank has given the public time till September 30 to either deposit such notes in accounts or exchange them at banks.
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Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will, however, continue to be legal tender, RBI said.
So, if you also have Rs 2,000 notes and you want to get them exchanged, here are key things you should know before rushing to your bank:
Where can Rs 2,000 notes be exchanged?
The same can be exchanged at banks. RBI also said that the facility for exchange will also be available at the 19 Regional Offices (ROs) of RBI having issue departments until September 30, 2023.
What is the process to exchange these notes?
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.
Further, they are required to sign and submit the form along with Rs 2000 notes,
Is there any limit on this exchange and deposit?
Deposits can be made without restrictions and are subject to existing instructions and applicable statutory provisions. Individuals have the option to exchange Rs 2,000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank, RBI said.
In a communication to the chief general manager of all its local head offices, the State Bank of India (SBI) also informed that the facility of exchange of Rs 2,000 notes by the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.
One can stand any number of times in queue for exchange of Rs 2,000 notes.
Why RBI stopped Rs 2,000 notes?
The move comes amid concerns about the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.
Can Rs 2,000 banknotes be exchanged through Business Correspondents (BCs)?
Yes, exchange of Rs 2,000 banknotes can be made through BCs up to a limit of Rs 4,000 per day for an account holder.
Is it necessary to be a customer of the bank to exchange Rs 2,000 banknotes from its branches?
A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
Is there any fee to be paid for the exchange facility?
No, the exchange facility shall be provided free of cost.
Will there be special arrangements for senior citizens, persons with disabilities, etc, for exchange and deposit?
Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, etc., seeking to exchange/deposit Rs 2,000 banknotes.
ALSO READ | Most of Rs 2,000 notes to return to banking system, not clear what happens after Sep 30: Goldman Sachs
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