Rs 2000 Note Exchange Guidelines: Daily limit, ID proof and other details

The Reserve Bank of India (RBI) on Friday announced that it will withdraw India’s highest denomination currency Rs 2000. Notably, the Rs 2000 was introduced in 2016 after the demonetization drive. Rs 2000 Note Exchange Guidelines: Daily limit, ID proof and other details.

People of India have been asked to deposit or exchange these notes by 30 September, 2023. It is to noted that Rs 2000 will remain legal tender even after the stipulated deadline in September. All banks in India have been asked to offer a deposit or exchange facility of Rs 2000 notes till September 30, 2023.

After the deadline, it must be noted that the notes will not be considered illegal but will still be considered legal tender in India. There is one very major question in the minds of all Indians is there a limit to how many Rs 2000 notes can be exchanged or deposited in a day?

Answering all the questions in your mind, the State Bank of India has issued a list of important guidelines. The SBI said in its notice that at one time, 10 notes of Rs 2000 (Rs 20,000 total amount) can be deposited or exchanged from the bank.

Further, the SBI has also stated that there will be no ID proof required and no forms to be filled during the time of the exchange. In its official notice, the government bank said, “The facility of Rs exchange of Rs 2000 notes to all members of the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.

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Further, no identity proof is required to be submitted by the tenderer at the time of the exchange.” Those who don’t have a bank account can also go to any bank of their choice and exchange Rs 2000 notes up to the limit of Rs 20,000 at a time. While the exchange limit has been set at 10 notes at a time, there is no limit to the deposit of Rs 2000 notes in one’s bank account.