Rs.2000 Note Exchange News: Banks following the New Advisory Issued by RBI

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Recently it was announced by the Government of India that Rs. 2000 noted will be banned in the country and have been stopped in circulation as well.

No New Notes will be printed and people need to exchange the notes with lower denominations as Rs. 2000 Note is not a valid currency anymore in India.

Special Placement for Exchanging Rs.2000 Notes

The Exchange of Rs. 2000 Notes began on May 23, 2023 in all the banks following the new RBI advisory guidelines. There are separate counters dedicated to exchanging of notes in order to make the experience hassle free for the common public.

As per the RBI Guidelines, the process of exchanging Rs.2000 notes into smaller denominations is legal and will continue till end of September.

All the rumours about the new Rs.1000 note being launched has been dismissed and cleared by the RBI Governor, Shaktikanta Das. In his first Media Interaction after the decision of demonizing the Rs.2000 note, he informed the reported that there is no such plan and its all a rumour.

Rs.2000 Note still a Legal Tendor

The RBI Governor explained the media that even though the Rs.2000 notes have been withdrawn, it still remains a legal tendor and shopkeepers must not refuse to accept these notes. Only Circulation of Rs. 2000 notes have been stopped but they haven’ been banned. They will still continue to be Legal.

He also said the reason of withdrawing the noes is their purpose was solved.These notes were printed 4-5 years back and hey will be coming back to government by 30th September.

He also urged all the banks to not give torned lower denominations to people in exchange of Rs.2000 Notes.

Must Know: Guidelines to exchange Rs.2000 Notes

  • No Requisition slip required for exchanging Rs.2000 notes but few bank can ask for your ID Proof.
  • In case of depositing fake Rs.2000 notes, police case will be registered against them.
  • 12,000 bank branches have kept separate counters for exchange in UP.
  • For all the customers who’s KYC has been done can deposit any number of Rs.2000 notes in their account.
  • Jan Dhan Accounts can deposit Rs.10,000 amount of notes only.

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