New Delhi: If you are in possession of Rs 2,000 denomination banknotes, you may start exchanging them in banks from today. The Reserve Bank of India (RBI) has decided to withdraw the Rs 2,000 denomination banknotes from circulation. The central bank has however reiterated that the banknotes in Rs 2000 denomination will continue to be legal tender.
1. Exchange of Rs 2,000 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.
2. The exchange facility of Rs 2,000 banknotes shall be provided free of cost.
3. 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, says RBI.
4. RBI has added that the facility for exchange of Rs 2,000 banknotes upto the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments1 from May 23, 2023.
5. The Reserve Bank has said that people can exchange Rs 2,000 banknotes till September 30, 2023.
6. The Reserve Bank of India has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
7. People can continue to use Rs 2,000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
8. Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.
9. Exchange of Rs 2,000 banknotes can be made through BCs upto a limit of Rs 4,000 per day for an account holder.
10. A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
The central bank has said that if a bank refuses to exchange / accept deposit of Rs 2,000 banknote, people can lodge their grievance in such case of deficiency of service. The complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI.