Exchange 2,000 Notes: The Reserve Bank of India (RBI) has recently made a significant decision to withdraw Rs 2,000 notes from circulation. However, it is important to note that the central bank has reaffirmed that the Rs 2,000 denomination notes will continue to be considered legal tender.
Facility for exchange
RBI has stated that individuals can deposit Rs 2,000 denomination notes into their bank accounts. Or exchange them for notes of other denominations at any bank branch without any restrictions, under applicable directives and statutory provisions.
Exchange Limit and Effective Date
To ensure operational convenience and avoid disruptions to regular banking operations, Rs 2,000 banknotes can be exchanged for notes of other denominations at any bank starting from May 23, 2023. The exchange limit for Rs 2,000 notes is set at a maximum of Rs 20,000.
RBI has further mentioned that the facility to exchange Rs 2,000 notes up to the limit of Rs 20,000 at a time will be available at 19 Regional Offices (ROs) of RBI, in addition to the issuing departments, starting from May 23, 2023.
Deadline to Exchange
The Reserve Bank has set a deadline for the public to exchange Rs 2,000 notes until September 30, 2023. This decision aims to provide sufficient time for the completion of the exchange process and accommodate the public’s needs.
The circular issued by the central bank states, “To complete the process promptly and to give sufficient time to the public, all banks are required to provide deposit and/or exchange facilities for Rs 2k notes by September 30, 2023.”