New Delhi: If you have Rs 2,000 banknotes, you can start exchanging them at banks from today. The Reserve Bank of India (RBI) has decided to withdraw the Rs 2,000 note from circulation. The central bank, however, reiterated that the Rs 2000 notes will continue to be legal tender.
1. Starting May 23, 2023, Rs 2,000 notes can be exchanged for other denominations of banknotes up to a limit of Rs 20,000 at a time in any bank.
2. Exchange facility of Rs 2,000 banknotes will be provided free of charge.
3. Deposits in bank accounts can be made in the normal manner, i.e. without restrictions and subject to existing instructions and other applicable statutory provisions, RBI said.
4. The RBI added that from May 23, 2023, the issue departments of RBI’s 19 Regional Offices (ROs) will also facilitate the exchange of Rs 2,000 banknotes up to a limit of Rs 20,000.
5. The Reserve Bank said people will be able to exchange Rs 2,000 notes till September 30, 2023.
6. The Reserve Bank of India has advised banks to immediately stop issuing Rs 2,000 notes.
7. People can continue to use Rs 2,000 banknotes for their transactions and accept them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
8. Deposits to bank accounts can be made without restrictions subject to compliance with Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.
9. Rs 2,000 banknotes can be exchanged through BC up to a limit of Rs 4,000 per account holder per day.
10. A non-account holder can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
The central bank said that if a bank refuses to exchange/accept deposits of Rs 2,000 notes, people can complain about lack of service. Complainant/Aggrieved 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 lodge a complaint under Reserve Bank – Integrated Ombudsman Scheme (RB) -IOS), 2021 RBI’s Complaint Management System on the portal.
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