How To Exchange Rs 2000 Notes? Know How To Deposit Rs 2000 Currency Notes in Banks, Amount Limit and Deadline
On Friday, the Reserve Bank of India advised banks to stop issuing Rs 2000 denomination banknotes immediately.
Mumbai, May 19: The Reserve Bank of India (RBI) has announced that Rs 2000 notes will be withdrawn from circulation after September 30, 2023. However, the notes will continue to be legal tender till then. This means that you can still use them to make payments and transactions. If you have Rs 2000 notes that you want to exchange, you can do so at any RBI-authorized bank or post office. You can exchange up to Rs 20,000 worth of notes in a single day.
On Friday, the Reserve Bank of India advised banks to immediately stop issuing Rs 2000 denomination banknotes. The change has been brought about in pursuance of RBI's “Clean Note Policy”, the central bank said in its communique. The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934, primarily to meet the currency requirement of the economy expeditiously after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. Rs 2000 Currency Notes To Be Withdrawn! RBI Asks Banks Not To Issue Rs 2000 Banknotes With Immediate Effect, Currency Continues To Be Legal Tender.
How To Exchange Rs 2000 Notes?
RBI has asked banks to provide deposit and/or exchange facilities for Rs 2,000 notes until September 30, 2023. Citizens can deposit RS 2000 banknotes into their bank accounts and/or exchange them for banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions. RBI Interest Rate Decision, Global Trends to Drive Markets in Holiday-Shortened Week: Analysts.
RBI has said that the exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. The central bank has instructed all banks to provide deposit and/or exchange facilities for Rs 2,000 banknotes until September 30, 2023.
It must be noted that the printing of Rs 2000 banknotes was stopped in 2018-19.About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.
(The above story first appeared on LatestLY on May 19, 2023 07:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).