BIG NEWS! RBI Withdraws Rs 2000 Notes From Circulation! All Notes To Be Exchanged or Deposited By Sept 30; FAQs And All Details Below!
RBI said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30 but set a limit of ‘Rs 20,000 at a time’
The Reserve Bank of India (RBI) made a landmark announcement which has left the entire nation in a frenzy. As per the shocking development on Friday, RBI has demanded the withdrawal of its highest-value currency notes - Rs 2,000 - from circulation, adding that the notes will continue to be legal tender.
It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30 but set a limit of “Rs 20,000 at a time”.
The central bank has advised the public to deposit Rs 2,000 notes, introduced during demonetisation in November 2016, when Rs 500 and Rs 1,000 notes were withdrawn, into their bank accounts and or exchange them into notes of other denominations at any bank branch. It also advised banks to stop issuing Rs 2,000 notes with immediate effect, reported IndianExpress.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 banknotes can be made up to a limit of Rs 20,000 at a time, at any bank starting from May 23,” it said.
“To complete the exercise in a time-bound manner and to provide adequate time to the members of the public, all banks shall provide deposit and/ or exchange facility for Rs 2,000 banknotes until September 30, 2023,” it said.
“Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions,” the RBI said.
The facility for the exchange of Rs 2,000 notes will be provided at 19 regional offices of Rs 20,000 at a time, and will also be provided at the 19 regional offices of the RBI having issue departments from May 23.
The announcement comes in view of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation.
WHAT IS THE ‘CLEAN NOTE POLICY?’
RBI adopted the policy to ensure the availability of good quality banknotes to the members of the public.
CAN YOU EXCHANGE Rs 2,000 BANKNOTES THROUGH BUSINESS CORRESPONDENTS (BCs)?
Yes, an exchange of Rs 2000 banknotes can be made through BCs upto a limit of Rs 4000/- per day for an account holder.
DO YOU NEED A BANK ACCOUNT FOR THE EXCHANGE OF Rs 2000 BANKNOTES FROM ITS BANK BRANCH?
No. Even a non-account holder can exchange upto a limit of Rs 20,000/- at a time at any bank branch.
ARE THERE ANY FEES TO BE PAID FOR THE EXCHANGE OF Rs 2,000 NOTES?
No. The exchange facility is provided free of cost.
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