Here are some frequently asked questions about withdrawal of Rs 2000 notes answered by RBI
Published Date – Sat 05/20/23 02:06pm
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Hyderabad: The Reserve Bank of India (RBI) has announced the suspension of the 2000 rupee note from circulation. Supreme Bank announced the unexpected news in a press release on Friday. According to the RBI, the existing 2,000 rupee notes in circulation will be valid until September 30. However, no new banknotes of this denomination will be printed.
Here are some frequently asked questions about withdrawal of Rs 2000 notes answered by RBI:
1. Why was the Rs 2000 note withdrawn?
The Rs 2,000 note was introduced in November 2016 to meet the currency requirements following the withdrawal of the Rs 500 and Rs 1,000 notes. With the target achieved and sufficient availability of other denominations, the printing of 2000 rupee notes ceased. Most of these banknotes were issued before March 2017 and have reached the end of their estimated lifespan. Also, this denomination is not commonly used for transactions. Hence, the decision to withdraw the Rs 2,000 note has been taken under RBI’s Clean Notes Policy.
2. What is the Clean Ticket Policy?
The Clean Banknote Policy is a measure taken by the Reserve Bank of India to ensure that quality banknotes are available to the public.
3. Will the 2000 rupee note still have legal tender status?
Yes, the Rs 2,000 note will continue to maintain its legal tender status.
4. Can the 2000 rupee banknote be traded normally?
Yes, the public can continue to transact in Rs 2,000 notes and receive them as payment. However, deposits and/or exchanges of these notes are encouraged on or before September 30, 2023.
5. What should the public do with the Rs 2000 notes they have?
Members of the public can deposit and/or exchange Rs 2,000 notes at bank branches. The facility will be available at all banks as well as RBI’s 19 Regional Offices (ROs) and issuing departments by September 30, 2023.
6. Is there a deposit limit for depositing Rs 2,000 notes into a bank account?
Unrestricted deposits to bank accounts are possible, subject to Know Your Customer (KYC) norms and other applicable legal/regulatory requirements.
7. Is there a limit to the number of 2000 rupee notes that can be exchanged?
The public can exchange up to 20,000 rupees in Rs 2,000 notes at a time.
8. Can Rs. 2000 notes be exchanged through a Commercial Correspondent (BC)?
Yes, Rs 2000 notes can be exchanged through BC up to a maximum of Rs 4000 per day for account holders.
9. When will the redemption facility be available?
To allow time for banks to make the necessary arrangements, members of the public can approach bank branches or RBI’s Regional Offices (ROs) from May 23, 2023 to avail exchange facilities.
10. Do I have to be a bank customer to exchange Rs 2000 notes at a bank branch?
No, even non-account holders can exchange Rs 2,000 notes at any bank branch up to a limit of Rs 20,000.
11. What if someone needs more than Rs 20,000 in cash for business or other purposes?
Deposits can be made without restrictions and cash requirements can be withdrawn from these deposits.
12. Is there a fee for the exchange facility?
No, the exchange facility will be provided free of charge.
13. What if someone cannot deposit/exchange Rs. 2000 notes immediately?
To ensure a smooth and convenient process for the public, a period of over four months has been provided to deposit and/or exchange Rs 2,000 notes. Therefore, individuals are encouraged to use this facility conveniently within the designated time frame.
14. What if the bank refuses to exchange or accept Rs. 2000 notes for deposit?
In case of insufficient service, customers can first complain to the relevant bank. If the bank does not respond within 30 days, or if the customer is not satisfied with the bank’s response, they can lodge a complaint under the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS). Complaints can be registered through the Complaints Management System RBI Portal (cms.rbi.org.in).
