Here is a Step-by-Step Process to exchange your Rs 2000 notes.
Last week, the Reserve Bank of India made an announcement regarding the discontinuation of Rs 2,000 currency notes in circulation. However, the general public has been given until September 30 to either deposit these notes into their accounts or exchange them at banks. This decision differs from the sudden demonetization in November 2016, when old Rs 500 and Rs 1,000 notes were immediately invalidated. It is important to note that the Rs 2,000 notes will remain valid as legal tender until September 30.
Starting from May 23, 2023, individuals in possession of Rs 2000 notes have the option to either exchange them at any bank or deposit them into their personal accounts. This opportunity will be open until September 30, 2023. It’s important to note that even after September 30, the Government has declared that Rs 2000 currency notes will continue to be considered Legal Tender.
Here is A step-by-step process to exchange Rs 2000 notes:
- Step 1: To exchange or deposit Rs 2,000 banknotes with other denominations, customers can go to the nearest branch of a bank and provide their account details. As per the guidelines set by the Reserve Bank of India (RBI), even individuals without bank accounts can carry out this transaction.
- Step 2: Upon arrival, customers will receive a request slip from the bank, which needs to be completed. The slip will require basic information such as the customer’s name as the ‘Tenderer,’ details regarding the denomination (including the number of notes and their value), as well as the date and location of the exchange.
- Step 3: After filling out the form, customers can sign it and submit both the form and their Rs 2,000 notes to the nearest bank branch in order to have them exchanged.
Deposits can be made without any restrictions and must follow existing instructions and relevant legal regulations. Starting from May 23, 2023, individuals are permitted to exchange Rs 2,000 banknotes for other denominations up to Rs 20,000 at any bank. The Reserve Bank of India (RBI) stated this in a message to the chief general manager of all its local head offices.
The State Bank of India (SBI) has informed that the public can exchange Rs 2,000 notes for amounts up to Rs 20,000 without needing a requisition slip. However, there is no specific limit mentioned by the RBI for depositing such notes into one’s own account. Nevertheless, the deposit process must comply with the prevailing Know Your Customer (KYC) norms and other relevant legal requirements.
The communication dated May 20 further clarifies that there is no need for the tenderer to submit any form of identification during the exchange process.
The Reserve Bank of India (RBI) has announced that individuals are now eligible to visit banks and either deposit or exchange their Rs 2000 notes starting from May 23, 2023.
Furthermore, the RBI has stated that the deadline for this procedure will be September 30, 2023.
The RBI has declared that there will be no charges for availing the exchange facility.
Additionally, individuals who do not hold a bank account will be able to exchange their Rs 2000 banknotes at any bank branch, with a maximum limit of Rs 20,000 per transaction.