Shillong, May 23: As instructed by the Reserve Bank of India, which removed the Rs 2,000 notes from circulation last week, citizens may exchange or deposit any Rs 2,000 notes they currently have.
There is no need to hurry, according to RBI Governor Shaktikanta Das, who also noted that the exchange or deposit facility for Rs 2,000 notes will be available till September 30, 2023.
The RBI has also sent out a second circular to all banks in the nation, instructing them to carry out the exchange/deposit process without disrupting the general population.
“Members of the public may approach bank branches for deposit and/or exchange of Rs 2,000 banknotes held by them,” the RBI stated.
The ability for depositing into accounts and exchanging Rs. 2,000 notes will be available at all banks till September 30, 2023, the central bank noted.
It should be emphasised that until the deadline, the exchange option will also be accessible at the 19 RBI Regional Offices (ROs).
Any bank branch in the nation is open to the public for the exchange of up to 20,000 rupees worth of banknotes worth Rs 2,000 each. “A non-account holder also can exchange Rs 2,000 banknotes up to a limit of 20,000 at a time at any bank branch,” the RBI stated.
Customers can deposit money into bank accounts without any limits, as long as they follow the Know Your Customer (KYC) guidelines in place and any other applicable legal or regulatory obligations, according to the RBI.
Simply put, deposits of Rs 2,000 notes into bank accounts will not be subject to restrictions, but banks will make sure that such transactions abide by the rules for Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR).
