The Reserve Bank of India (RBI) has instructed banks to halt the issuance of Rs 2000 denomination banknotes with immediate effect, although these banknotes will continue to be accepted as legal tender.
Below are the details to find out where can we exchange Rs 2000 notes?
According to Reserve Bank of India press release dated May 19, 2023, “The facility for deposit and/or exchange of Rs 2000 banknotes shall be available for members of the public up to September 30, 2023.”
“Deposit of Rs 2000 banknotes into accounts maintained with all banks can be made in the usual manner, that is, without restrictions and subject to compliance with extant Know Your Customer (KYC) norms and other applicable Statutory requirements. The banks shall also be required to comply with Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements, where applicable,” stated RBI’s official press release.
The facility for exchange of ₹2000 banknotes shall be provided to all members of the public by all banks through their branches.
With a view to minimise inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange ₹2000 banknotes upto a limit of Rs 20,000/- at a time.
Business Correspondents (BCs) may also be allowed to exchange Rs 2000 purpose, banks may, at their discretion, enhance the cash holding limits of BCs.
To give time to the banks for preparatory arrangements, members of the public have been requested to approach the banks/branches from May 23, 2023 for availing exchange facility. Deposit of Rs 2000 banknotes may continue as per the normal banking practice.
For providing deposit / exchange facility to people residing in remote/ unbanked areas, banks may consider using mobile vans, if necessary.
While crediting the value of Rs 2000 notes to Jan Dhan Yojna Accounts / Basic Savings Bank Deposit (BSBD) Accounts, the usual limits will apply mutatis mutandis.
The banks shall to the extent feasible make special arrangements to reduce inconvenience to the senior citizens, persons with disabilities and women seeking to exchange/deposit Rs 2000 notes, added RBI’s official press release.