The Reserve Bank of India on Friday, May 19, declared that it has chosen to pull out the Rs 2,000 cash notes from dissemination. The national bank requested that all store the Rs 2,000 banknotes into their records or trade them for banknotes of different denominations at any bank office by September 30, 2023. Store into bank records can be made in the standard way, with next to no limitation. The trade office for Rs 2,000 money notes will begin from May 23, 2023, the RBI said. Do remember that the current Rs 2,000 denomination bank notes will keep on being legitimate delicate.
Presently how would it be a good idea for you to manage your old Rs 2,000 note? Do you need to pay any additional expense to trade your ongoing Rs 2,000 note? RBI addressed every one of your inquiries. Peruse on
1. For what reason are Rs 2000 denomination banknotes being removed?
The ₹2000 denomination banknote was presented in November 2016 under Area 24(1) of RBI Act, 1934 essentially with the goal to meet the money necessity of the economy in a quick way after withdrawal of the lawful delicate status of all ₹500 and ₹1000 banknotes available for use around then. With satisfaction of that goal and accessibility of banknotes in different denominations in satisfactory amounts, printing of ₹2000 banknotes was halted in 2018-19. A greater part of the ₹2000 denomination notes were given before Walk 2017 and are toward the finish of their assessed life-range of 4-5 years. It has likewise been seen that this denomination isn’t generally utilized for exchanges. Further, the supply of banknotes in different denominations keep on being sufficient to meet the money necessity of the general population.
Considering the abovementioned, and in compatibility of the “Perfect Note Strategy” of the Reserve Bank of India, it has been chosen to pull out the ₹2000 denomination banknotes from dissemination.
To guarantee functional comfort and to stay away from interruption of standard exercises of bank offices, trade of ₹ 2,000 banknotes into banknotes of different denominations can be made up to a furthest reaches of ₹ 20,000 all at once at any bank beginning from May 23, 2023
2. What is Spotless Note Strategy?
It is a strategy taken on by RBI to guarantee accessibility of good quality banknotes to the individuals from public.
3. Does the lawful delicate status of ₹2000 banknotes remain?
Indeed. The ₹2000 banknote will keep on keeping up with its lawful delicate status.
4. Could ₹2000 banknotes be utilized for typical exchanges?
Indeed. Individuals from the general population can keep on utilizing ₹2000 banknotes for their exchanges and furthermore get them in installment. Notwithstanding, they are urged to store or potentially trade these banknotes prior to September 30, 2023.
5. How should the general population manage the ₹2000 denomination banknotes held by them?
Individuals from general society might move toward bank offices for store or potentially trade of ₹2000 banknotes held by them.
The office for store into records and trade for ₹2000 banknotes will be accessible at all banks until September 30, 2023. The office for trade will be accessible likewise at the 19 Provincial Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.
6. Is there a cutoff on store of ₹2000 banknotes into a bank account?
Store into bank records can be made without limitations subject to consistence with surviving Know Your Client (KYC) standards and other appropriate legal/administrative prerequisites.
7. Is there a functional breaking point on how much ₹2000 banknotes that can be traded?
Individuals from the general population can trade ₹2000 banknotes upto to a furthest reaches of ₹20,000/ – at a time.
8. Will ₹2000 banknotes be traded through Business Reporters (BCs)?
Indeed, trade of ₹2000 banknotes can be made through BCs upto a restriction of ₹4000/ – each day for a record holder.
9. From which date will the trade office be accessible?
To give time to the banks to make preliminary plans, individuals from general society are mentioned to move toward the bank offices or ROs of RBI from May 23, 2023 for benefiting trade office.
10. Is it important to be a client of the bank to trade ₹2000 banknotes from its branches?
No. A non-account holder likewise can trade ₹2000 banknotes up to a furthest reaches of ₹20,000/ – at a time at any bank office.
11. Imagine a scenario where somebody needs more than ₹20,000/ – cash for business or different purposes.
Store into records can be made without limitations. The ₹2000 banknotes can be stored into bank records and money necessities can be drawn from there on, against these stores.
12. Is there any expense to be paid for the trade office?
No. The trade office will be given liberated from cost.