The Reserve Bank of India (RBI), on May 19, determined to withdraw ₹2,000 note from circulation.
However, the banknotes in ₹2,000 denomination will proceed to be a authorized tender.
The RBI added that members of the general public might deposit ₹2000 banknotes into their financial institution accounts and/or change them into banknotes of different denominations at any financial institution department. Deposit into financial institution accounts might be made within the ordinary method, that’s, with out restrictions and topic to extant directions and different relevant statutory provisions.
Exchange facility for the ₹2,000 notes up to ₹20,000 at a time could be accessible from May 23, 2023, and can proceed until September 30, the central financial institution mentioned.
The RBI has suggested banks to cease issuing ₹2000 denomination banknotes with speedy impact.
Frequently Asked Questions
1. Why are ₹2000 denomination banknotes being withdrawn?
The ₹2000 denomination banknote was launched in November 2016 below Section 24(1) of RBI Act, 1934 primarily with the target to meet the foreign money requirement of the financial system in an expeditious method after withdrawal of the authorized tender standing of all ₹500 and ₹1000 banknotes in circulation at the moment. With fulfilment of that goal and availability of banknotes in different denominations in enough portions, printing of ₹2000 banknotes was stopped in 2018-19. A majority of the ₹2000 denomination notes have been issued prior to March 2017 and are on the finish of their estimated life-span of 4-5 years. It has additionally been noticed that this denomination just isn’t generally used for transactions. Further, the inventory of banknotes in different denominations proceed to be enough to meet the foreign money requirement of the general public. In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been determined to withdraw the ₹2000 denomination banknotes from circulation.
2. What is Clean Note Policy?
It is a coverage adopted by RBI to guarantee availability of fine high quality banknotes to the members of public.
3. Does the authorized tender standing of ₹2000 banknotes stay?
Yes. The ₹2000 banknote will proceed to keep its authorized tender standing.
4. Can ₹2000 banknotes be used for regular transactions?
Yes. Members of the general public can proceed to use ₹2000 banknotes for his or her transactions and likewise obtain them in fee. However, they’re inspired to deposit and/or change these banknotes on or earlier than September 30, 2023.
5. What ought to the general public do with the ₹2000 denomination banknotes held by them?
Members of the general public might method financial institution branches for deposit and/or change of ₹2000 banknotes held by them. The facility for deposit into accounts and change for ₹2000 banknotes might be accessible in any respect banks till September 30, 2023. The facility for change might be accessible additionally on the 19 Regional Offices (ROs) of RBI having Issue Departments ntil September 30, 2023.
6. Is there a restrict on deposit of ₹2000 banknotes right into a checking account?
Deposit into financial institution accounts might be made with out restrictions topic to compliance with extant Know Your Customer (KYC) norms and different relevant statutory/regulatory necessities.
7. Is there an operational restrict on the quantity of ₹2000 banknotes that may be exchanged?
Members of the general public can change ₹2000 banknotes upto to a restrict of ₹20,000/- at a time.
8. Can ₹2000 banknotes be exchanged via Business Correspondents (BCs)?
Yes, change of ₹2000 banknotes might be made via BCs upto a restrict of ₹4000/- per day for an account holder.
9. From which date will the change facility be accessible?
To give time to the banks to make preparatory preparations, members of the general public are requested to method the financial institution branches or ROs of RBI from May 23, 2023 for availing change facility.
10. Is it essential to be a buyer of the financial institution to change ₹2000 banknotes from its branches?
No. A non-account holder can also change ₹2000 banknotes up to a restrict of ₹20,000/- at a time at any financial institution department.
11. What if somebody wants greater than ₹20,000/- money for enterprise or different functions?
Deposit into accounts might be made with out restrictions. The ₹2000 banknotes might be deposited into financial institution accounts and money necessities might be drawn thereafter, towards these deposits. Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
12. Is there any payment to be paid for the change facility?
No. The change facility shall be offered freed from value.
13. Will there be particular preparations for senior residents, individuals with disabilities, and so forth. for change and deposit?
Banks have been instructed to make preparations to scale back inconvenience to the senior residents, individuals with disabilities, and so forth., searching for to change/deposit ₹2000 banknotes.
14. What will occur if one can not deposit / change ₹2000 banknote instantly?
To make your entire course of easy and handy for the general public, a interval of over 4 months has been given for deposit and/or change of ₹2000 banknotes. Members of the general public, are subsequently, inspired to avail this facility at their comfort throughout the allotted time.
15. What will occur if a financial institution refuses to change / settle for deposit of ₹2000 banknote?
For redress of grievance in case of deficiency of service, the complainant/aggrieved buyer might first method the involved financial institution. If the financial institution doesn’t reply inside a interval of 30 days after lodging of the grievance or if the complainant just isn’t happy with the response/decision given by the financial institution, the complainant can lodge the grievance below the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 on the Complaint Management System portal of RBI (cms.rbi.org.in).
