The Reserve Bank of India (RBI) announced on May 19, 2023, that it would be withdrawing the Rs.2,000 banknotes from circulation. According to RBI data, as of July 31, 2023, 88% of the Rs.2,000 banknotes have been returned, amounting to Rs.3.14 lakh crore. Banks will continue to accept deposits or exchange Rs.2,000 banknotes until September 30, 2023.
Step-by-Step Guide for Exchanging Rs 2,000 Banknotes
For those looking to exchange Rs 2,000 banknotes, follow these steps:
Step 1: Visit the nearest bank branch with the Rs 2,000 notes you wish to exchange.
Step 2: Fill in the requisition slip provided by the bank, providing the necessary details to facilitate the exchange process.
Step 3: Submit the filled slip along with the Rs 2,000 notes to be exchanged for banknotes in other denominations.
Note: The exchange process may vary depending on the bank, as they may follow their own procedures and norms.
KYC and Regulatory Requirements
There is no maximum deposit amount, but general Know Your Customer (KYC) and other regulatory requirements for cash deposits will apply. If you deposit more than Rs.50,000 in a single transaction, you must include your PAN (Permanent Account Number) information in accordance with income tax regulations. Additionally, according to an RBI notification, you can exchange up to Rs.20,000 in banknotes at a time.
The withdrawal of Rs.2,000 bank notes is part of the RBI’s efforts to manage currency circulation in the country. As the deadline for exchanging these notes approaches, individuals are encouraged to visit their banks and complete the exchange process before September 30, 2023.
