How to commerce your Rs 2,000 notes: A quick info

The RBI launched the withdrawal of the Rs 2,000 foreign exchange observe on May 19. (Express file image)

The Reserve Bank of India (RBI) launched the withdrawal of the Rs 2,000 foreign exchange observe ultimate week, on May 19. While the observe continues to be licensed tender, the monetary establishment has talked about the prevailing notes could possibly be deposited or exchanged in banks from May 23 to September 30, nonetheless set a limit of “Rs 20,000 at a time”.

The RBI had moreover advised banks to stop issuing Rs 2,000 notes with speedy influence, in its May 19 notification. The monetary establishment talked about this switch comes beneath its ‘Clean Note Policy’, which ensures “availability of good quality banknotes to the members of public”.

According to the RBI, about 89 per cent of the Rs 2,000 denomination notes had been issued earlier to March 2017 and are on the end of their estimated life span of four-five years. “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,” it talked about.

Where can the Rs 2,000 notes be exchanged or deposited?

The facility for deposit into accounts and commerce for Rs 2,000 foreign exchange notes will doubtless be on the market the least bit banks, and as well as on the 19 Regional Offices (ROs) of RBI having Issue Departments.

Is there a limit to what variety of Rs 2,000 notes could possibly be deposited proper right into a checking account?

According to the RBI, deposit of Rs 2,000 notes into monetary establishment accounts could possibly be made with out restrictions matter to compliance with present Know Your Customer (KYC) norms and completely different related statutory and/or regulatory requirements.

In which cities are RBI Regional Offices located?

RBI Regional Offices are located throughout the following cities: Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

How many Rs 2,000 notes could possibly be exchanged at a time?

The RBI has set a limit of exchanging Rs 20,000 at a time, which efficiently means you probably can commerce 10 Rs 2,000 notes at a time.

Can solely prospects of a selected monetary establishment commerce notes from its branches?

No, it isn’t important to be a purchaser of a monetary establishment to avail the commerce facility. The RBI has talked about {{that a}} non-account holder may commerce Rs 2,000 notes at any monetary establishment division, matter to the limit of Rs 20,000 at a time.

Will the commerce facility require a worth?

No, the ability will doubtless be provided free of worth.

Is there an ID proof required for exchanging notes?

No, the SBI clarified on May 21 that no requisition kind and identification proof are required to commerce Rs 2,000 notes.

Till when can you commerce Rs 2,000 notes?

The RBI has talked about that Rs 2,000 notes could possibly be exchanged from May 23 to September 30, 2023.