The shocking announcement has left citizens across the country with questions regarding the implications and the process of exchanging their Rs 2,000 notes. Why RBI decided to discontinue the Rs 2000 note, what should you do with your notes and how and where you can deposit or exchange your notes? If you are also concerned about these questions, here are all the answers:
Why RBI decided to withdraw Rs 2,000 notes from circulation:
In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation. Under the clena note policy, the RBI said it want to ensure availability of good quality banknotes to the public.
RBI, in a official statement, also said the objective of introducing Rs 2,000 banknotes in 2016 at the time of demonitisation was met once banknotes in other denominations became available in adequate quantities. “Therefore, printing of Rs 2000 banknotes was stopped in 2018- 19,” the RBI said in a statement.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹ 2,000 banknotes into banknotes of other denominations can be made up to a limit of ₹ 20,000 at a time at any bank starting from May 23, 2023,” the RBI said.
How and where to deposit or exchange the Rs 2,000 notes?
The exchange or deposit can be done at any bank or post office in India. RBI said the facility for deposit into accounts and exchange for Rs 2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices of RBI having Issue Departments.
Apart from Banks, Post Offices and RBI offices, people can also exchange notes through Business Correspondents up to a limit of Rs 4,000 per day for an account holder.Can non-account holders also exchange Rs 2,000 notes?
A non-account holder can also exchange Rs 2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.
What will happen if a bank refuses to exchange / accept deposit of ₹2000 banknote?
For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).
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