RBI has decided to withdraw Rs 2000 Notes as on May 19, 2023. Here are a few questions that the Reserve Bank of India has answered to clarify all your doubts:
Q. Does the Rs 2000 banknote still hold its legal tender status?
Yes, the legal tender status of the Rs 2000 banknote remains unchanged.
Q. Can the Rs 2000 banknotes be used for regular transactions?
Yes, the public can continue to utilize Rs 2000 banknotes for their transactions and also receive them as payment. However, it is recommended that they deposit and/or exchange these banknotes before September 30, 2023.
Q. What should individuals do with the Rs 2000 banknotes they possess?
Individuals can visit bank branches to deposit and/or exchange the Rs 2000 banknotes they possess. All banks will provide the facility for depositing into accounts and exchanging for Rs 2000 banknotes until September 30, 2023.
Q. Is there a limit on depositing Rs 2000 banknotes into a bank account?
Deposits into bank accounts can be made without restrictions, as long as the individuals comply with the existing Know Your Customer (KYC) norms and other relevant statutory/regulatory requirements.
Q. Is there a limit on the amount of Rs 2000 banknotes that can be exchanged?
The public can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time.
Q. From when will the exchange facility be available?
Starting from May 23, 2023, individuals are advised to approach bank branches or regional offices of the RBI to avail the exchange facility.
Also Read: The Epic of Demonetization: Part 1
Q. Is it necessary to be a customer of the bank to exchange Rs 2000 banknotes at its branches?
No, even non-account holders can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
Q. Is there any fee for the exchange facility?
No, the exchange facility will be provided free of charge.
Q. Will special arrangements be made for senior citizens, persons with disabilities, etc., for exchange and deposit?
Banks have been instructed to make arrangements to minimize inconvenience for senior citizens, persons with disabilities, etc., who wish to exchange/deposit Rs 2000 banknotes.
Q. What if a bank refuses to exchange/accept a deposit of Rs 2000 banknote?
If there is a service deficiency, individuals may first approach the concerned bank to address their grievances.
Also Read: Demonetization of Rs. 500 and Rs. 1000 Is Anti-People & Witless
