The Reserve Bank of India (RBI) has introduced a facility for the exchange of INR 2000 notes, which have been withdrawn from circulation, through post offices. This move is aimed at making the exchange process more accessible to the public.
Exchange Process Through Post Offices
RBI has announced that individuals can now send INR 2000 notes to any of the 19 RBI offices through post offices. To avail of this service, users need to fill out an application form available online and send the notes via any Indian Postal Service facility to the designated RBI office.
Limits and Conditions for Exchange
As per RBI’s Frequently Asked Questions (FAQ), an individual can exchange or deposit up to INR 20,000 at a time using this facility provided by the post offices to any of the 19 RBI offices.
RBI had announced the decision to withdraw the INR 2000 notes in May of the previous year. These notes were first issued during the demonetization period in November 2016.
Rationale Behind the Withdrawal of INR 2000 Notes
RBI stated that the decision to withdraw the INR 2000 notes was taken because most of these notes had completed their expected lifespan and were not being extensively used in transactions by the public.
Statistics on Withdrawn Notes
As of May 2023, more than 97.38% of the INR 2000 notes in circulation had been withdrawn. While banks no longer permit the exchange or deposit of these notes, RBI has provided alternative means for their exchange.
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