RBI Announces Withdrawal of 2000 Rupee Notes: Know Rules for Depositing and Exchanging
The Reserve Bank of India (RBI) has announced that it will withdraw 2000 rupee notes from circulation. Those who have these notes can either deposit them in their bank accounts or exchange them for bank notes of other denominations at any bank branch. However, before doing so, it is important to keep in mind some rules set by RBI for depositing and exchanging 2000 rupee notes in bank branches.
Here are some important things to know:
2000 Rupee Notes
The central bank has advised people to deposit Rs 2000 notes in their bank accounts. They can exchange their existing Rs 2,000 notes for bank notes of other denominations at any bank branch.
Time Limit
The facility to deposit or exchange Rs 2,000 bank notes will be available in banks till September 30, 2023. You can also exchange notes at 19 regional offices of RBI starting May 23, 2023.
Bank Deposit
To deposit your existing Rs 2,000 notes, you can go to your bank and deposit the money in your savings account. There is no deposit limit. However, normal KYC and other regulatory norms will be applicable for cash deposits.
Know These Rules
If you deposit more than Rs.50000 in one transaction, you need to mention your PAN details as per Income Tax rules. In addition, banks will also levy applicable service charges for crediting cash to your savings accounts, if any.
How to Exchange 2000 Rupee Note
According to RBI, 10 notes of 2 thousand rupees i.e. 20000 rupees can be changed at a time. At the same time, Bank Correspondent (BC) may be allowed to exchange Rs 2,000 notes for the account holder up to a limit of Rs 4,000 per day. RBI said that for this purpose banks may, at their discretion, increase the cash holding limit of BCs.
RBI’s Statement
RBI said on 22 May 2023, “The facility of exchange of Rs 2000 notes over the counter will be provided to the public in the usual manner, as was being provided earlier.”
It is important for people to follow the rules set by RBI to ensure a hassle-free exchange or deposit of their 2000 rupee notes. The facility to deposit or exchange these notes will be available for a limited time, so it is advisable to take action soon.
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