YOU CAN EXCHANGE RS 2,000 NOTES FROM MAY 23: CHECK ALL IMPORTANT FAQS
The Reserve Bank of India (RBI) said citizens can start exchanging or depositing Rs 2,000 notes from May 23, 2023 (Tuesday), following its decision to withdraw them from circulation last week.
RBI Governor Shaktikanta Das said there is no reason for people to rush, adding that the exchange or deposit facility for Rs 2,000 notes will be open till September 30, 2023.
A separate circular has also been issued by the RBI to all banks across the country to carry out the exchange/deposit process seamlessly, without causing an inconvenience to the public.
As the exchange/deposit facility for Rs 2,000 notes opens from tomorrow, here are some important FAQs that will make the task easier.
Also Read | RBI withdraws Rs 2,000 notes: All your questions answered
How to deposit/exchange Rs 2,000 notes?
The RBI said that people can approach any bank branch to deposit and/or exchange Rs 2,000 notes.
"Members of the public may approach bank branches for deposit and/or exchange of Rs 2,000 banknotes held by them," the RBI said.
The central bank added that the facility for depositing into accounts and exchanging Rs 2,000 notes will be available at all banks till September 30, 2023.
Also Read | Rs 2,000 status: From withdrawal to exchange by September 30 to 'we will see'
It may be noted that the facility for exchange will also be available at the 19 Regional Offices (ROs) of RBI that have Issue Departments till the deadline.
Can customers deposit at any bank branch?
Yes. An individual can go up to any bank branch in the country to exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time. "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," RBI said.
Is there any limit on deposit into a bank account?
According to the RBI, customers can make deposits into bank accounts without restrictions, subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.
Simply put, there will be no restrictions on deposits involving Rs 2,000 notes into bank accounts, but banks will ensure that such transactions comply with Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements.
Also Read | Rs 2,000 notes withdrawn from circulation, read what RBI has to say
Exchange limit of Rs 20,000 at a time
Any individual going to any bank branch to exchange Rs 2,000 notes for other denominations should note that there is a limit of up to Rs 20,000 at a time. "Members of the public can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time," said RBI.
In addition, the exchange of Rs 2,000 notes can also be made through business correspondents up to a limit of Rs 4,000 per day for an account holder.
Is there any fee for the exchange facility?
No. The exchange facility shall be provided free of cost.
What if you want to exchange Rs 2,000 notes worth more than Rs 20,000?
The State Bank of India said in a recent circular that customers will not need forms or ID proof to exchange Rs 2,000 notes up to Rs 20,000 at a time.
However, if a person wants to deposit Rs 2,000 notes amounting to more than Rs 20,000, they may have to fill a form or a requisition slip.
Also Read | Rs 2,000 notes withdrawn from circulation: How does it impact you?
What if you need more than Rs 20,000 but don't want to fill out any form?
Individuals can simply deposit the cash instead of getting it exchanged. They can subsequently withdraw the amount. This is because deposits of Rs 2,000 notes can be made without restrictions.
"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," RBI said.
What about senior citizens, persons with disabilities?
The RBI has instructed banks clearly to make arrangements to reduce inconvenience to senior citizens and persons with disabilities who are seeking to exchange or deposit notes. In fact, the RBI
Banks have been instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit Rs 2,000 notes.
In fact, the RBI has also asked banks to ensure basic facilities for people who come to exchange notes. "Banks are advised to provide appropriate infrastructure at the branches, such as shaded waiting space, drinking water facilities, etc. considering the summer season," RBI said.
Also Read | Demonetisation 2.0? Why RBI withdrawing Rs 2,000 notes is not like 2016 note ban
What happens if one cannot deposit/exchange Rs 2,000 notes by September 30?
The RBI governor clarified that there are many Indians who stay abroad or have gone for long vacations or work. He said there is no reason to panic if they cannot immediately deposit or exchange Rs 2,000 notes as the deadline is till September 30.
Even if some people fail to deposit or exchange Rs 2,000 notes within the deadline, the RBI governor said their grievances will be heard and appropriate steps will be taken to help them.
Moreover, the RBI governor also made it clear that Rs 2,000 notes will continue to remain legal tender for now. It will take a decision on the legal status of Rs 2,000 notes only after assessing how much of it comes back to it after the September 30 deadline.
What happens if bank refuses to exchange/accept deposit of Rs 2,000 notes?
If any bank branch refuses to exchange or accept deposits of Rs 2,000 notes, individuals can file a complaint with the particular bank.
RBI said if the bank does not respond within 30 days after the complaint or if the complainant is not satisfied with the resolution, the person can lodge another complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of the RBI.
Also Read | Don't allow Rs 2000 note exchange without ID: BJP leader files PIL against RBI, SBI
2023-05-22T13:11:14Z dg43tfdfdgfd