New Delhi: The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 notes from circulation. However, the notes will remain legal tender till September 30, says RBI. RBI has requested banks to facilitate deposit and exchange of Rs 2000 notes by September 30, 2023. In the statement RBI clarified that the facility of exchange of Rs 2000 bank notes will be available from May 23.
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From May 23, 2023, the limit of exchange of Rs 2000 notes in other denominations at any bank at a time can be increased up to Rs 20,000. The denomination of Rs 2000 will continue to be legal tender.
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What to do if you do not have a bank account?
You don’t need to worry about it. As per RBI guidelines, one can exchange or deposit Rs 2,000 banknotes with other denominations in banks and 19 RBI regional offices from May 23, 2023. The central bank has given a period of 4 months to complete the process.
2000 notes will no longer be legal tender after 30 September 2023.
It is important to remember that a person can exchange only 10 notes of Rs 2,000 i.e. Rs 20,000 at a time in a bank.
RBI has clearly stated that any person can exchange or deposit Rs 2,000 notes in any bank branch across the country. Hence, it is not necessary to have a bank account to complete the process. Furthermore, the service will be free without any implicit charges.
RBI has stopped printing of Rs 2000 notes
In the press release, RBI informed that it has stopped printing of Rs 2000 denomination notes in the year 2018-19. The Rs 2000 note was introduced in 2016 to meet the demand for cash after demonetisation as the central government demonetised old Rs 500 and Rs 1000 notes.