Rs 2000 bank notes will slowly disappear as the Reserve Bank of India (RBI) has decided to withdraw them from circulation. People who have Rs 2000 notes with them can exchange the notes in any bank or deposit them in their own accounts till 30 September. However, Rs 2000 currency notes will remain legal tender even after September 30, according to the Government.
The RBI on May 19, 2023 said Rs 2000 currency notes will be withdrawn from circulation but they will continue to remain legal tender. Accordingly, people having Rs 2000 notes with them can either deposit or exchange them with currency notes of other denominations in a bank until 30 September 2023, as per RBI.
“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,” the RBI said.
2000 bank notes deposit/exchange facility available at these places
The central bank further said that all banks shall provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023.
The facility for the exchange of Rs 2000 banknotes up to the limit of Rs 20,000 at a time will also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
You can also exchange Rs 2000 banknotes through Banking Correspondents up to a limit of Rs 4000 per day for an account holder.
The RBI has also advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. However, the notes will continue to remain legal tender.
Exchange and deposit limit
The exchange limit at a time for each person will be Rs 20,000. That means the public can exchange only 10 Rs 2000 notes worth Rs 20,000 at a time in a bank during the exchange period. However, there is no limit on the amount you can deposit.
Steps to exchange or deposit Rs 2,000 notes
1)Customers can visit the nearest branch of a bank and provide account details. As per RBI’s guidelines, even customers without bank accounts can exchange/deposit Rs 2,000 banknotes with other denominations.
2)Banks will then provide the request slip, which must be filled by the customer. This will require basic details such as the ‘Tenderer’ name and information on the denomination such as the number of pieces and value. The customers will also have to mention the place and date of exchange.
3)Customers can sign and submit the form along with their Rs 2000 notes to get them exchanged from the nearest bank.
On May 20, the State Bank of India (SBI) issued a press release stating that no form or identity proof would be necessary for exchanging Rs 2,000 currency notes. According to the announcement, members of the public can exchange Rs 2,000 notes up to a limit of Rs 20,000 at a time without the need for a requisition slip. Additionally, individuals are not required to submit any identity proof during the exchange process, as stated by the country’s largest lender.
The RBI data indicates a decline in the total value of Rs 2000 notes in circulation, amounting to 10.8 percent of the total as of March 31, 2023. The number of fake notes of Rs 2000 denomination detected decreased to ₹9,806 pieces in 2022-23 compared to the previous year, according to the Reserve Bank of India’s annual report released om May 30.