How many Rs 2,000 notes can you return to banks? What is the maximum limit?

The Reserve Bank of India (RBI), on Friday, announced that Rs 2,000 notes will be withdrawn from circulation. It also set a deadline of September 30 for deposit or exchange of Rs 2,000 notes at banks. 

While this seems clear enough, the question arises whether you can exchange all of your Rs 2,000 notes in one go. 

The RBI said that the public can exchange banknotes of Rs 2,000 up to a limit of Rs 20,000 at a time. This means that you can exchange up to 10 Rs 2,000 banknotes in one go. 

But if the same is done through business correspondents, then the limit is Rs 4,000, which means two banknotes. 

Another thing to keep in mind is that you don’t need to be an account-holder to exchange banknotes. “A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000/- at a time at any bank branch,” the RBI said. 

The entire exchange facility will be done for free. 

Also Watch: RBI governor Shaktikanta Das explains Rs 2,000 exchange, deposit rules, deadline, limit

However, what happens if someone needs more than Rs 20,000 – which is the limit for exchange at one go – cash for business or other purposes? The RBI said that deposit into accounts can be made without restrictions. “The Rs 2,000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits,” it said. 

If a bank refuses to accept or exchange Rs 2,000 banknotes then you can approach the concerned bank. If the bank does not respond within a period of 30 days after the complaint or if you are not satisfied by the resolution then you can lodge a complaint under the Reserve Bank of India’s Integrated Ombudsman Scheme at the complaint management system portal. 

On Friday, the RBI announced the withdrawal of Rs 2,000 notes from circulation in line with its 'Clean Note Policy' that aims to ensure availability of good quality banknotes for the public. The RBI said that Rs 2,000 banknotes were introduced to meet the currency requirement of the economy after the legal tender of Rs 500 and Rs 1,000 banknotes were withdrawn in November 2016. Since that objective has been fulfilled, the printing of Rs 2,000 banknotes was stopped in 2018-19. 

"It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continue to be  adequate to meet the currency requirement of the public," the apex bank said. 

Also read: Rs 2,000 notes withdrawn: No disruption expected as UPI will fill the gap, says SBI chairman Dinesh Khara

Also read: ‘Will not inconvenience common people’: Former CEA endorses RBI decision to scrap Rs 2,000 notes

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