The Reserve Bank of India (RBI) has announced that it will withdraw Rs 2000 notes from circulation as part of its “Clean Note Policy”. However, these notes will continue to be legal tender. RBI Ban Rs 2000 Currency: How to exchange notes in Bank.
In its statement, RBI said, “The public can deposit Rs 2000 notes into their bank accounts and/or exchange them for notes of other denominations at any bank branch”.
From May 23, 2023, individuals can exchange Rs.2000 notes of other denominations at any bank up to a limit of Rs.20,000 at a time for operational convenience and to avoid disruption to regular banking activities, RBI said.
Deposits to bank accounts can be made in the normal manner. without restrictions and subject to existing instructions and other applicable statutory provisions, the central bank added.
“To complete this exercise within the time limit and to provide sufficient time to members of the public, all banks will provide deposit and/or exchange facility for Rs 2000 notes till September 30, 2023. Separate guidelines are given for that.
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If you have Rs 2000 notes and want to exchange them for other denominations, this step-by-step guide will help you navigate the process smoothly.
* Facility of deposit and/or exchange of Rs 2000 notes will be available to members of public till September 30, 2023 as per RBI releases.
* Rs 2000 for accounts maintained in all banks. Depositing of notes can be done in the usual way. That is, without restrictions and subject to compliance with prevailing Know Your Customer (KYC) regulations and other applicable statutory requirements.
* You have Rs 2000 Visit any bank branch near you to exchange the note if available. It is advisable to check the bank’s working hours and availability of exchange services before visiting. All banks should provide facility of exchange of 2000 rupee notes to all public through their branches.
* Make sure you have the necessary documents. This usually includes a valid identity proof like Aadhaar card, PAN card, passport or driving license along with your bank account details.
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* Approach the exchange counter or inquire with the bank staff about the designated area to exchange Rs 2000 notes. Inform the bank staff about your intention to exchange notes.
* The bank may ask you to present your identity document(s) and provide your bank account details to the bank staff so that they can carry your necessary documents on advice.
* After the bank staff authenticates the notes, they pay Rs. 500, Rs. 200, Rs. 100, etc. will provide you with equivalent value in lower denomination banknotes. Exact face value distribution may vary depending on cash availability in the bank.
* To minimize inconvenience to the public, ensure operational convenience and avoid disruption to regular activities of bank branches, RBI has allowed all banks to exchange notes of Rs 20,000 up to a limit of Rs 20,000.
* Business correspondents (BCs) account holders are also allowed to exchange Rs 2000 banknotes up to a limit of Rs 4000 per day. For this purpose, banks may increase the cash holding limits of BCs at their discretion.
* RBI advises that while crediting Rs 2000 notes to Jan Dhan Yojana Accounts/Basic Savings Bank Deposit (BSBD) accounts, normal limits will apply.
* In addition, banks are encouraged to make special arrangements to reduce inconvenience to senior citizens, persons with disabilities and women seeking to exchange/deposit Rs 2000 notes, RBI said.
* To provide deposit / exchange facility to people living in remote/unbanked areas, banks may consider using mobile vans, if necessary, RBI advised banks.
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