The RBI assigned that all 2000/rupees- note be exchanged by September 30, 2023, in a statement released on Friday. The Reserve Bank of India has decided to stop issuing currency in the amount of Rs 2,000. And also has ordered everyone to swap their notes by September 30, 2023.
Why are the 2000/rupees- note being discontinued?
The RBI states that the purpose of the November 2016 introduction of the Rs 2000 denomination. In a timely manner following withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation.”
The central bank made the decision to remove the Rs 2000 denomination banknotes from circulation. In accordance with the RBI’s “Clean Note Policy,” which was implemented to guarantee that the general population could access banknotes of high quality.
What are you supposed to do with your 2000/rupees- note?
The general public is welcome to visit bank branches to deposit and/or exchange any 2000/rupees- note they may have. Starting on May 23, 2023, until September 30, 2023, all banks will offer the option for deposits into accounts and exchanges for 2000/rupees- note.
Is there a maximum amount that can be exchanged for money on your bank account?
Subject to adherence to current Know Your Customer (KYC) rules and other applicable statutory / regulatory obligations. Deposits into bank accounts may be made without limits. You can only exchange ten banknotes totaling Rs 2000 (up to a maximum of Rs 20,000) at a time.
Does the maximum deposit amount have a limit as well?
No, there are no limitations on account deposits. The Rs 2000 banknotes may be deposited into bank accounts, and any further cash withdrawals may be made in relation to these deposits.
Can non-account holders exchange as well?
Even those who don’t have accounts can exchange up to 20,000 rupees worth of Rs 2000 notes at a time at any bank branch. If a bank declines, complaints must be formally filed with the relevant bank.
The RBI Complaint Management System portal (cms.rbi.org.in), if the bank does not respond within 30 days of receiving the complaint. Or if the complainant is dissatisfied with the response or resolution provided by the bank.
But can you still use the notes?
Yes. The Rs 2000 banknote will still be accepted as legal money. The general public is still permitted to transact with and accept payments in 2000/rupees- note. However, the RBI advises them to deposit and/or exchange these banknotes by September 30, 2023, at the latest.
The Reserve Bank of India stated on Friday that it would stop issuing 2000/rupees- note, adding that those now in use may either be deposited in bank accounts or exchanged by September 30. A window of more than four months has been provided for the deposit and/or exchange of 2000-yen banknotes in order to make the process seamless and comfortable for the general public.