National Desk, 23 May: The process to exchange or deposit Rs 2,000 banknotes will begin on Tuesday. The notes can be exchanged by people upto a limit of 20,000 at a time. These notes can be deposited into bank accounts and exchanged at any bank branch for bills of different denominations.
This cap has been put in place to maintain smooth operations, minimise disturbance to the general public and prevent interference with bank branches’ routine operations.
In a press statement, the Reserve Bank of India (RBI) stated that on or before September 30, 2023, people can deposit and/or swap these Rs 2000 banknotes at any commercial bank branch. The RBI stated that no demand slip or identity documentation will be needed to exchange these currencies. Additionally, the exchange facility will be accessible at the 19 RBI Regional Offices (ROs) with Issue Departments.
RBI made the decision to remove notes with a value of Rs 2,000 from circulation last week. In light of this, RBI recommended banks to stop issuing banknotes having a value of Rs 2,000 right now.
The central bank made it clear that while the notes will continue to be valid forms of payment, they must be exchanged through banks by September 30.
The RBI also said that “in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.”
It should be noted that the Rs 2,000 banknote was issued in November 2016 largely to swiftly address the economy’s need for money following the removal of the legal tender status of the Rs 500 and Rs 1,000 banknotes then in use.