Can Rs 2,000 notes be exchanged at post offices, NBFCs? Here's what we know

The Reserve Bank of India (RBI) sent shockwaves among public on Friday by announcing withdrawal of Rs 2,000 currency notes from circulation but gave the public time till September 30 to either deposit such notes or exchange them at banks.

Unlike the November 2016 demonetisation exercise, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes continue to remain legal tender.

While the process of exchanging or depositing Rs 2,000 currency notes has begun on Tuesday, RBI sources told India Today the exchange facility is available only at banks.

RBI sources told India Today that customers can make deposits in post offices and NBFCs since Rs 2,000 note is a legal tender but not exchange them.

Meanwhile, a person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip. Further, no identity proof is required to be submitted by the tenderer at the time of exchange.

RBI Governor Shaktikanta Das on Monday said there is enough time available for exchange and deposit in bank accounts, so people should not panic. There is more than adequate quantity of printed notes available in the system not just with the RBI, but also at the currency chests which are operated by the banks, he said.

Meanwhile, small queues were seen at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise.

No great rush was witnessed for exchange when branches opened. Outlets of private sector banks in metro cities in the early hours had business as usual.

Not much rush has been witnessed so far because there is a window of four months for exchange and currency in circulation to be exchanged is also relatively less compared to demonetisation, PTI quoted a senior official as saying.

With inputs from Rahul Shrivastava

Also Read: ICICI Bank to ask non-bank customers for ID to exchange Rs 2,000 notes: Sources