Tuesday, 6 June 2023

Can 2,000 Rupee Notes be Used in the Regular Transactions?

On Friday, May 19, 2023, the Reserve Bank of India stated that it has abruptly stopped issuing Rs 2,000 banknotes. It did state that the Rs 2,000 denomination will remain legal tender, though.

Following the Reserve Bank of India‘s pronouncement, many consumers are uncertain as to whether they can continue using the Rs 2000 notes for standard transactions.

2,000 Rupee Transactions

RBI’s response is as follows: “Yes. The general public can still conduct transactions with and accept payment in rupees 2000 banknotes. They are recommended to swap and/or deposit these banknotes, but, no later than September 30, 2023.

All banks will provide customers with the option to deposit money into accounts or exchange it for banknotes worth Rs 2000 till September 30, 2023. There are no restrictions on the amount if you want to deposit it; however, you must wait until May 23, 2023, to exchange it for other denominations, and you can only exchange it up to a maximum of Rs 20,000 at a time at any bank branch.

  • The Reserve Bank of India has stopped issuing Rs 2,000 banknotes.
  • Banks will provide customers with the option to deposit or exchange money.
  • RBI withdraws Rs 2,000 banknotes with immediate effect.

The Reserve Bank of India has instructed banks to cease issuing banknotes with a value of 2000 with immediate effect. You should be aware of the following key RBI FAQs regarding the withdrawal of the Rs 2,000 banknotes.

Deposits into bank accounts may be made without limitations so long as they adhere to current Know Your Customer (KYC) guidelines and other relevant legal and regulatory criteria.

The most 2000 bills that can be exchanged at once are limited to Rs 20,000. Exchanges of Rs. 2000 banknotes are allowed through BCs, with a daily account holder limit of Rs. 4000. The general public is urged to contact bank branches or RBI ROs starting on May 23, 2023, to take advantage of the exchange facility while the banks are still able to make necessary preparations.

Any bank branch would allow non-account holders to exchange up to 20,000 rupees worth of Rs 2000 banknotes at once. Account deposits are permissible without limitations. The Rs 2000 banknotes may be deposited into bank accounts, and any further cash withdrawals may be made about these deposits.

The exchange facility must be free of charge. Banks have been told to create arrangements to make it less difficult for senior citizens, people with impairments, and others to exchange or deposit notes worth Rs 2000.

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