‘Provide shaded waiting space, drinking water’: RBI to banks on withdrawal of Rs 2000 notes

The Reserve Bank of India (RBI) has asked banks to help customers coming to exchange or deposit Rs 2,000 banknotes. The RBI on Friday announced the withdrawal of Rs 2,000 banknotes from circulation and set a deadline of September 30 for the public to exchange or deposit the banknotes. 

In a notification to banks, the RBI said that the banks must provide certain amenities to the public considering the summer season. “Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season,” it said. 

The RBI said that the facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, as was provided earlier. 

The banks will also have to maintain daily data on deposit and exchange of Rs 2,000 banknotes. The banks will have to maintain data including name of the person who has come to exchange or deposited, date, number of Rs 2,000 notes exchanged, number of Rs 2,000 notes deposited, and the total amount. 

This notification comes after the RBI announced the withdrawal of Rs 2,000 notes that was introduced in November 2016 after the legal tender of Rs 500 and Rs 1,000 were demonetised.

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

Printing of Rs 2,000 notes was stopped in 2018-19, the central bank said. About 89 per cent of the Rs 2,000 notes were issued prior to March 2017 and are at the end of their estimated lifespan of 4-5 years, the RBI said. 

The total value of Rs 2,000 banknotes declined from Rs 6.73 lakh crore at its peak as on March 31, 2018, to Rs 3.62 lakh crore on March 31, 2023. 

The RBI said that a similar exercise was conducted in 2013-14.

“To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for ₹2000 banknotes until September 30, 2023,” the RBI said. 

The public can return up to 10 banknotes, as the maximum limit is of Rs 20,000. However if a person wants to deposit then there is no limit. The exchange services are for free. Meanwhile, the RBI has asked banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. 

Also read: Rs 2000 note withdrawn: Things to keep in mind while depositing cash to avoid income tax notice

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