The Reserve Bank of India (RBI) has introduced the withdrawal of Rs 2000 denomination banknotes from circulation as a part of its “Clean Note Policy.” However, these notes will proceed to be authorized tender. RBI in its assertion stated, “Members of the general public could deposit Rs 2000 banknotes into their financial institution accounts and/or alternate them into banknotes of different denominations at any financial institution department.”
RBI stated that ranging from May 23, 2023, people can alternate Rs 2000 banknotes for different denominations as much as a restrict of Rs 20,000 at a time at any financial institution to make sure operational comfort and avoiding disruption of normal banking actions.
The central financial institution added that deposit into financial institution accounts may be made within the traditional method, that’s, with out restrictions and topic to extant directions and different relevant statutory provisions.
“To full the train in a time-bound method and to offer ample time to the members of public, all banks shall present deposit and/or alternate facility for Rs 2000 banknotes till September 30, 2023. Separate tips have been issued
to the banks,” the RBI stated including that the ability for alternate of Rs 2000 banknotes upto the restrict of Rs 20,000 at a time
shall even be supplied on the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
Also Read: RBI To Withdraw Rs 2,000 Currency Notes From Circulation, To Be Legal Tender Till September 30
If you could have Rs 2000 notes and want to alternate them for different denominations, this step-by-step information will assist you to navigate the method easily.
- According to RBI releses the ability for deposit and/or alternate of Rs 2000 banknotes might be accessible for members of the general public as much as September 30, 2023.
- Deposit of Rs 2000 banknotes into accounts maintained with all banks may be made within the traditional method, that’s, with out restrictions and topic to compliance with extant Know Your Customer (KYC) norms and different relevant Statutory necessities.
- If you could have a Rs 2000 notice go to any financial institution department close to you to alternate it. It is advisable to verify the financial institution’s working hours and availability of alternate companies earlier than visiting. The facility for alternate of Rs 2000 banknotes shall be supplied to all members of the general public by all banks via their branches.
- Ensure that you simply carry the required paperwork. This sometimes features a legitimate id proof resembling Aadhaar card, PAN card, passport, or driver’s license, alongside together with your checking account particulars.
- Approach the Exchange Counter or inquire with the financial institution workers in regards to the designated space for exchanging Rs 2000 notes. Inform the financial institution personnel about your intention to alternate the notes.
- Bank can ask you to current your identification doc(s) and supply your checking account particulars to the financial institution personnel so carrying your mandatory paperwork in suggested.
- Once the financial institution personnel authenticate the notes, they are going to give you the equal worth in decrease denomination banknotes, resembling Rs 500, Rs 200, Rs 100, and so forth. The precise denomination distribution could fluctuate relying on the provision of money on the financial institution.
- With a view to minimise inconvenience to the general public, to make sure operational comfort and keep away from disruption of the common actions of financial institution branches, RBI has allowed all banks to alternate Rs 2000 banknotes upto a restrict of Rs 20,000 at a time.
- Business Correspondents (BCs) are even be allowed to alternate Rs 2000 banknotes upto a restrict of Rs 4000 per day for an account holder. For this objective, banks could, at their discretion, improve the money holding limits of BCs.
- The RBI has suggested that whereas crediting the worth of Rs 2000 notes to Jan Dhan Yojna Accounts/Basic Savings Bank Deposit (BSBD) Accounts, the standard limits will apply.
- Additionally, banks are inspired to make particular preparations to attenuate inconvenience for senior residents, individuals with disabilities, and ladies looking for to alternate/deposit Rs 2000 notes, RBI stated.
- For offering deposit / alternate facility to individuals residing in distant/ unbanked areas, banks could think about using cellular vans, if mandatory, RBI has suggested to Banks.
