Here Is How You Can Exchange Rs 2000 Notes From Banks Starting Today. Check Details

The RBI said that starting from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank to ensure operational convenience

The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2000 denomination banknotes from circulation as part of its "Clean Note Policy." However, these notes will continue to be legal tender. RBI in its statement said, "Members of the public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch." 

The RBI said that starting from May 23, 2023, individuals can exchange Rs 2000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank to ensure operational convenience and avoiding disruption of regular banking activities.

The central bank added that deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.

"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 Rs 2000 banknotes until September 30, 2023. Separate guidelines have been issued
to the banks," the RBI said adding that the facility for exchange of Rs 2000 banknotes upto the limit of Rs 20,000 at a time
shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.

If you have Rs 2000 notes and would like to exchange them for other denominations, this step-by-step guide will help you navigate the process smoothly.

• According to RBI releses the facility for deposit and/or exchange of Rs 2000 banknotes will be available for members of the public up to September 30, 2023. 


• Deposit of Rs 2000 banknotes into accounts maintained with all banks can be made in the usual manner, that is, without restrictions and subject to compliance with extant Know Your Customer (KYC) norms and other applicable Statutory requirements.


• If you have a Rs 2000 note visit any bank branch near you to exchange it. It is advisable to check the bank's working hours and availability of exchange services before visiting. The facility for exchange of Rs 2000 banknotes shall be provided to all members of the public by all banks through their branches.


• Ensure that you carry the necessary documents. This typically includes a valid identity proof such as Aadhaar card, PAN card, passport, or driver's license, along with your bank account details.


• Approach the Exchange Counter or inquire with the bank staff about the designated area for exchanging Rs 2000 notes. Inform the bank personnel about your intention to exchange the notes.


• Bank can ask you to present your identification document(s) and provide your bank account details to the bank personnel so carrying your necessary documents in advised. 


• Once the bank personnel authenticate the notes, they will provide you with the equivalent value in lower denomination banknotes, such as Rs 500, Rs 200, Rs 100, etc. The exact denomination distribution may vary depending on the availability of cash at the bank.


• With a view to minimise inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, RBI has allowed all banks to exchange Rs 2000 banknotes upto a limit of Rs 20,000 at a time.


• Business Correspondents (BCs) are also be allowed to exchange Rs 2000 banknotes upto a limit of Rs 4000 per day for an account holder. For this purpose, banks may, at their discretion, enhance the cash holding limits of BCs.


• The RBI has advised that while crediting the value of Rs 2000 notes to Jan Dhan Yojna Accounts/Basic Savings Bank Deposit (BSBD) Accounts, the usual limits will apply.


• Additionally, banks are encouraged to make special arrangements to minimize inconvenience for senior citizens, persons with disabilities, and women seeking to exchange/deposit Rs 2000 notes, RBI said. 


• For providing deposit / exchange facility to people residing in remote/ unbanked areas, banks may consider using mobile vans, if necessary, RBI has advised to Banks.