Rs 2000 deposit limit, exchange rules, note deposit, note exchange, note news, exchange form: The Reserve Bank of India (RBI) announced withdrawal of Rs 2,000 currency notes from circulation on May 19, and said that those holding the existing notes in circulation can deposit in bank accounts or exchange from Tuesday (May 23) till September 30. Allaying all fears of another demonitisation-like chaos, the central had stated that all bank notes in Rs 2,000 denomination will continue to be a legal tender and be used for transactions.
As the exchange and deposit of Rs 2000 currency notes begins in banks and RBI regional offices today, we bring to you answers of all the frequently asked questions (FAQs), and create a checklist of all that you need to do before you head to the bank counter —
Rs 2000 exchange rules: How much can be exchanged at one time?
In order to ensure smooth operation at bank branches, and no repeat of chaos that took place post-demonitisation, the RBI has mandated that exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23 (Tuesday).
Also read- Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years
Rs 2000 note deposit: How many notes can be deposited into account?
The RBI has said that there’s no limit to how many Rs 2000 currency notes that can be deposited. The exchange can also be done withput restrictions “subject to extant instructions and applicable statutory provisions”.
Rs 2,000 note exchange: What is the exchange fee for depositing or exchanging Rs 2000 notes?
There will be no exchange fee for depositing or exchanging Rs 2000 notes, RBI has informed.
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Rs 2,000 exchange: How much can you exchange if you do not have a bank account?
RBI has informed in its circular that a non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000 – at a time at any bank branch.
Also read- Rs 2,000 currency note withdrawal highlights: Mamata calls Rs 2000 withdrawal ‘Tughlaqi’ demonetisation drama
Rs 2,000 note exchange form: Is a requisition slip required to exchange or deposit Rs 2000 notes in bank account?
In order to exchange Rs 2000 notes, RBI had earlier said that the persons who come to exchange or deposit Rs 2000 currency notes will have to file a requisition slip.
However, the biggest lender in India – State Bank of India (SBI) – clarified that one will not need to fill out a requisition slip. SBI said that the facility to exchange Rs 2000 bank notes up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip. The bank also said that no identity proof will be required to be submitted at the time of exchange or deposit.
Also read- Rs 2,000 currency note to be withdrawn: Banks told to stop issuing immediately; notes can be exchange or deposit till Sept 30, says RBI
Rs 2,000 note news: Where can you deposit Rs 2000 notes?
Reserve Bank of India has specified that individuals can deposit and/or exchange these Rs 2000 banknotes in any commercial bank branch. The exchange facility will also be available at the 19 Regional Offices (ROs) of RBI having Issue Departments.
Rs 2,000 currency note withdrawn: Where can you deposit Rs 2000 notes?
The central bank said in its release that individuals can deposit and/or exchange these Rs 2000 banknotes in any commercial bank branch on or before September 30, 2023.
Also read- Rs 2,000 notes withdrawn from circulation: Don’t panic, this is NOT demonetisation
Rs 2,000 note news: Is Rs 2000 now illegal? Can I transact with it?
The Reserve Bank of India has informed that the note still has its legal tender status, and people can use Rs 2000 banknotes to transact and also receive them in payment.