Designed by: Mohsin Shaikh
Produced by: Harshita
The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 notes from circulation while they continue to be legal tender. From today onwards, bank customers can deposit and exchange their Rs 2,000 notes at the bank
The RBI has stated that the facility for deposit or exchange of Rs 2,000 banknotes shall be available for members of the public up to September 30, 2023
According to the RBI FAQs, deposits of Rs 2,000 notes can be made in the usual way, that is, without limits and subject to compliance with existing Know Your Customer (KYC) rules and other applicable statutory requirements
The RBI has clarified that the exchange of notes will be free of cost. Meanwhile, 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
HDFC Bank in an email to customers stated, "You can conveniently deposit any quantity of Rs 2,000 banknotes into your HDFC Bank account at any branch until September 30, 2023." The bank further said that people can get their Rs 2,000 banknotes exchanged with a per day limit of Rs 20,000
State Bank of India also issued a guideline to all its branches saying exchanging or depositing Rs 2,000 notes will be allowed "without obtaining any requisition slip". Rs 2,000 notes up to a total value of Rs 20,000 can be deposited or exchanged at a time, the guideline reiterated
Punjab National Bank said that no Aadhaar or documents required for exchanging Rs 2,000 note. “No Aadhaar Card, no official verified documents (OVD) required, no need to fill any form is the current instruction to all the branches of Punjab National Bank (PNB),” PNB officials said
For deposits of Rs 50,000 or more in Rs 2,000 currency notes, you will have to furnish your PAN Card before the bank, according to RBI Governor Shaktikanta Das. The existing Income Tax requirement of PAN for Rs 50,000 or more deposits in bank accounts will apply to Rs 2,000 notes as well
As per RBI guidelines, 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
If a bank refuses to accept or exchange Rs 2,000 notes, 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, you can lodge a complaint under RBI’s Integrated Ombudsman Scheme at the complaint management system portal