After the Reserve Bank of India (RBI) announced rolling back of ₹2,000 currency notes from circulation, the swapping process of these high-value notes in all banks is set to begin from today. According to the central bank, the currency notes can be exchanged without a requisition slip or identity proof, however, few banks have mandated them for a person to swap them with smaller denominations.
Notably, the ₹2,000 notes will continue to be legal tender till September 30, therefore RBI Governor Shaktikanta Das said ‘there’s no need to rush’. Whether the currency note will remain a legal tender after September 30 will be decided based on assessments made post the deadline.
“We expect most of ₹2,000 banknotes to come back to the exchequer by September 30. We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason to worry. We have sufficient stocks,” he said.