New Delhi: The Reserve Bank of India (RBI) recently made an important announcement regarding the withdrawal of ₹2000 notes from circulation. According to the RBI circular, the Rs 2000 note will remain legal tender till September 30, 2023.
The process of phasing out ₹2000 banknotes will be completed by September 30, 2023.
What if a bank refuses to accept exchange/deposit of ₹2000 banknote?
If the bank refuses to convert/accept the deposit of Rs.2000 note, the complainant/agrieved customer can first approach the concerned bank.
If the bank does not respond within 30 days of filing the complaint or the complainant is not satisfied with the response/resolution provided by the bank, the complainant can file a complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB) -iOS), 2021 on RBI’s Complaint Management System Portal (cms.rbi.org.in).
Important FAQs you need to know
1. Why is ₹2000 note being withdrawn?
The ₹2000 denomination banknote under Section 24(1) of the RBI Act, 1934 was introduced in November 2016 initially to meet the needs of a fast economy currency after the withdrawal of legal tender status of all ₹500 and ₹. 1000 rupee notes were in circulation at that time. To meet that objective and with the availability of banknotes of other denominations in sufficient quantity, the printing of ₹2000 banknotes was stopped in 2018-19. Most of the ₹2000 notes were issued before March 2017 and are at the end of their estimated lifespan of 4-5 years. It is also observed that this price is not commonly used for transactions. Moreover, the stock of banknotes of other denominations continues to be sufficient to meet the public’s need for currency.
In view of the above, and in pursuance of the Reserve Bank of India’s “Clean Note Policy”, it has been decided to withdraw the ₹2000 denomination banknotes from circulation.
2. What is Clean Note Policy?
It is a policy adopted by the RBI to ensure availability of good quality banknotes to the members of the public
3. Does the legal tender status of ₹2000 banknote remain?
Yes. The ₹2000 banknote will continue to retain its legal tender status.
4. Can ₹2000 banknote be used for general transactions?
Yes. Members of the public can continue to use the ₹2000 banknote for their transactions and receive payments. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
5. What should the public do with the ₹2000 banknotes they have?
Members of the public can visit bank branches to deposit and/or exchange the ₹2000 banknote they are holding.
The facility of account deposit and exchange of ₹2000 banknote will be available in all banks till September 30, 2023. The exchange facility will be available in RBI’s 19 Regional Offices (ROs) issue departments till September 30, 2023. .
6. Is there any limit to deposit ₹2000 banknote in a bank account?
Deposits to bank accounts can be made without restrictions subject to compliance with Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.
7. Is there an effective limit on the amount of ₹2000 banknotes that can be exchanged?
Members of the public can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time.
8. Can ₹2000 banknotes be exchanged through Business Correspondents (BCs)?
Yes, ₹2000 banknotes can be exchanged through BC up to a limit of ₹4000/- per account per day.
9. From what date will the exchange facility be available?
To give banks time to make preparations, members of the public are requested to approach bank branches or ROs of RBI from May 23, 2023 to avail the exchange facility.
10. Is it necessary to be a bank customer to exchange ₹2000 banknote from a bank branch?
no A non-account holder can also exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.
11. What if one needs cash more than ₹20,000/- for business or other purposes?
Deposits can be made to the account without restriction. ₹2000 banknotes can be deposited in bank accounts and then cash requirements can be drawn against these deposits.
12. Is there any fee for exchange facility?
no Exchange facilities will be provided free of charge.
13. Will there be special arrangements for senior citizens, disabled persons etc. for exchange and deposit?
Banks have been directed to make arrangements to ease the inconvenience of senior citizens, persons with disabilities, etc. seeking to exchange/deposit ₹2000 notes.
14. What if one cannot deposit / exchange ₹2000 banknote immediately?
To make the entire process smooth and convenient for the public, more than four months have been given for depositing and/or exchanging the ₹2000 banknote. Members of the public are, therefore, encouraged to avail this facility at their convenience within the allotted time
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