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