Rs 2000 notes Exchange: On May 19, the Reserve Bank of India (RBI) announced the discontinuation of the Rs 2,000 note in India. The bank has stated that the existing notes may be deposited or exchanged in banks from May 23 to September 30, but has placed a restriction of "Rs 20,000 at a time" despite the fact that the note remains legal tender. From 23rd May 2023, Rs 2,000 notes exchange facility is opening in banks across the country, Here are the complete details with everything you need to know…
What is a "Clean Note Policy"?
In its May 19 statement, the RBI also instructed banks to cease issuing Rs 2,000 notes with immediate effect. The bank claimed that this action falls within its "Clean Note Policy," which ensures that "good quality banknotes are available to the general public."
The RBI estimates that 89% of the Rs 2,000 denomination notes were printed before March 2017 and are nearing the end of their four- to five-year expected lifespan.
"The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation), to Rs 3.62 lakh crore constituting only 10.8% of notes in circulation on March 31, 2023," the statement read.
Here, Rs. 2000 not can be exchanged or deposited
All banks and the 19 Regional Offices (ROs) of the RBI with Issue Departments would offer the option to deposit money into accounts and exchange it for notes worth Rs 2,000.
How many Rs. 2000 notes can be exchanged or deposited
The RBI states that deposits of Rs 2,000 notes into bank accounts are permitted without limits, provided that existing Know Your Customer (KYC) guidelines are followed and other relevant statutory and/or regulatory requirements are met.
How Many Rs. 2000 notes can be deposited or exchanged at a Time?
According to the RBI rules, there is a limit of exchanging Rs 20,000 at a time; it means you can exchange 10 Rs of 2,000 notes at a time.
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