New Delhi: Reserve Bank of India (RBI) has announced to withdraw Rs 2,000 currency notes from circulation. However, the notes will continue to be legal tender till September 30, says RBI. RBI has requested banks to provide deposit and exchange facility of Rs 2000 notes until September 30, 2023. In the statement, RBI clarified that exchange facility for Rs 2000 bank notes would be available from May 23.
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Exchange of Rs 2000 banknotes into other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination will continue to be legal tender.
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What to do if you don’t have a bank account?
You don’t need to worry about that. As per RBI’s guidelines, anyone can exchange/ deposit Rs 2,000 bank notes with other denominations in the banks and 19 RBI regional offices starting from May 23, 2023. The central bank has given a period of 4-months to complete the process.
The 2000 notes will not remain legal tender after September 30, 2023.
It is important to remember that a person can only exchange 10 notes of Rs 2,000, meaning Rs 20,000 at one go in the bank.
RBI has clearly said that any person can exchange or deposit the Rs 2,000 bank notes in any branch of the bank across the country. Therefore, it is not necessary to have a bank account in order to complete the process. Moreover, the service will be free of cost without any implicit charges.
RBI stopped printing Rs 2000 denomination notes
In the press release, RBI informed that it has closed printing Rs 2000 denomination notes in the year 2018-19. The 2000 note was brought in 2016 after demonetization to complete the demand of cash as the central Government scrapped down old Rs 500 and Rs 1000 denomination notes.