Banks across India will start accepting Rs 2,000 notes for exchange from today. The Reserve Bank of India (RBI) announced the withdrawal of the Rs 2,000 note from circulation on May 19, giving the bank four days to prepare for it. The Rs 2000 note was issued in 2016 after the central government announced the demonetisation of the old Rs 500 and Rs 1000 notes. While the government has introduced the Rs 500 note in a new design, the Rs 1000 note has not been reintroduced. While there were speculations that the Rs 2,000 note would also be scrapped, the RBI has only announced the withdrawal of currency notes from market circulation. So, if you have Rs 2,000 notes and want to exchange them, here are 10 points you should know before visiting your bank:
1. Don’t rush to the bank. There is no need to panic. While the RBI has set a deadline of September 30 for people to exchange their notes in increments of 10 notes, the central bank has maintained that the Rs 2,000 note continues to be legal tender. This means, the note can be used for commercial purposes even after September 30. “It will continue as legal tender. We will wait to see how many notes are coming in. I cannot give a speculative answer about what will happen after September 30,” RBI Governor Shaktikanta Das said.
2. There is no deposit limit. Yes, you read that right. There is no limit to deposit notes though you can exchange only 10 notes at a time. However, you need to meet KYC guidelines for large deposit transactions.
3. No documents required for deposits below Rs.50,000. “We have not come up with an additional procedure. You must be aware that there are income tax rules if you deposit cash above Rs 50,000 and you have to produce your PAN. So the existing rules will apply,” said Das.
4. No requisition slip for transactions up to 10 currency notes. State Bank of India has said that exchange of Rs 2,000 notes up to a limit of Rs 20,000 will be facilitated by the public without any requisition slip.
5. Steps taken to facilitate exchange. The Reserve Bank of India has also advised banks to provide shade to protect people coming to exchange or deposit notes from sunlight. Apart from this, drinking water should also be provided for the people in the queue. Banks have been asked to make note exchange facility available over the counter in normal manner.
6. RBI Governor Shaktikanta Das said that the withdrawal of Rs 2,000 notes from circulation will have a very limited impact on the economy as these notes constitute only 10.8 per cent of the total currency in circulation. Most of the Rs 2,000 notes are expected to be back in the banking system by September 30.
7. Sufficient notes of various denominations are available in banks. RBI said that the system has enough printed notes available not only with RBI but also in currency chests operated by banks. “So there is enough stock available and there is no reason to worry. We have more than enough stock,” said RBI Governor Das.
8. Relaxation is likely for those staying abroad. The RBI said it is sensitive to the problems faced by people on long foreign trips or living abroad on work visas. “We will have our efforts to address the difficulties of people and complete the entire process smoothly,” he said, hinting that those who have valid reasons for not exchanging currency notes can get special concessions after September 30. .
9. RBI stopped printing Rs 2,000 notes in 2019 Yes, you read that right The Reserve Bank of India has not printed Rs 2,000 notes since April 2019.
10. Clean Note Policy. RBI said the withdrawal of Rs 2,000 note is part of its clean note policy. The clean note policy aims to provide the public with better quality currency notes and coins with enhanced security features.
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