Mumbai, Dt. 20
In line with Reserve Bank’s ‘Clean Note Policy’, it has been decided to withdraw Rs 2000 notes from circulation. In November 2016, the central government had demonetized Rs 1,000 and Rs 500 notes and introduced a new Rs 2,000 note.
Citizens who have Rs 2000 notes should deposit them in the bank by September 30, 2023. The Reserve Bank has instructed the banks in this regard and the exchange process will start from Tuesday, May 23. Currency exchange facility has also been made available in 19 regional branches of Reserve Bank.
Citizens will be able to exchange Rs 2,000 notes from any bank branch up to a limit of Rs 20,000 at a time. Bank account holders with KYC compliance can exchange currency up to any amount. Currency exchange is possible through Business Representatives (BCs) appointed by banks in rural and remote areas, who can exchange two notes of a maximum value of Rs 4,000 per account holder per day.
One can go to any bank branch and exchange the 2000 note for other lower value notes. It is not necessary to have an account in the same bank. However, in such a case, only Rs 2000 notes can be exchanged up to a limit of Rs 20,000, the Reserve Bank has said.
RBI has clarified that no fee will be charged for exchanging Rs 2,000 note into other smaller denomination currency from any bank branch. So the exchange process is completely free.