Here is Everything You Need to Know about Rs 2000 Notes being Withdrawn.....
NEW-DELHI: The Reserve Bank of India (RBI) has recently made an important announcement regarding the withdrawal of Rs 2000 notes. According to the RBI circular, Rs 2000 notes will remain legal tender till September 30, 2023. Rs 2000 demonetization process will be completed by 30 September 2023.
-- What If a Bank Refuses to Exchange/Deposit Rs 2,000 Notes?
If the bank refuses to exchange/accept the Rs 2000 notes, the complainant/aggrieved customer may first approach the concerned bank. If the Bank does not respond within a period of 30 days after lodging the complaint or if the Complainant is not satisfied with the response/resolution provided by the Bank, the Complainant can take the complaint handling under Reserve Bank - Integrated Ombudsman Scheme (RB). One can lodge a complaint on the system portal (cms.rbi.org.in).
Things You Need to Know....
1. Why are Rs 2000 denomination notes being withdrawn?
Rs 2000 notes were introduced on purpose under RBI Act, 1934 under section 24(1) in November 2016 after withdrawing the legal tender status of all Rs 500 and Rs 1000. This aims to meet the monetary requirement of the economy rapidly.
Most of the Rs 2000 notes were issued before March 2017 and are at the end of their estimated life of 4-5 years. It is also observed that this value is not commonly used for transactions. Besides, the stock of bank notes of other denominations is sufficient to meet the monetary needs of the public.
In view of the above, and in accordance with the Reserve Bank of India's "Clean Note Policy", it has been decided to withdraw the ?2000 denomination banknotes from circulation.
2. What is Clean Note Policy?
This RBI is a policy adopted to ensure availability of good quality bank notes to members of the public.
3. Whether Rs 2000 bank notes retain legal tender status?
Yes, The Rs 2000 bank note will continue to retain its legal tender status.
4. Can Rs 2000 notes be used for normal transactions?
Yes, Public can continue to use Rs 2000 bank notes for their transactions and receive them in payment as well. However, they are encouraged to deposit and/or exchange these bank notes on or before September 30, 2023.
5. What should the public do with their Rs 2000 denomination bank notes?
Public can approach bank branches to deposit and/or exchange their Rs 2000 bank notes. The facility of depositing into accounts and exchange of Rs 2000 bank notes will be available in all banks till September 30, 2023. The exchange facility will also be available in 19 Regional Offices (ROs) of RBI, which have ongoing departments till September 30, 2023.
6. Is there any limit to deposit Rs 2000 notes in bank account?
K.Y.C. Deposits to bank accounts can be made without restrictions subject to compliance with rules and other applicable legal/regulatory requirements.
7. Is there any operational limit on the amount of Rs 2000 bank notes that can be exchanged?
Public can exchange Rs 2000 rupees notes up to Rs 20,000 at a time.
8. Can Rs 2000 notes be exchanged through Business Correspondents (BCs)?
Yes, notes worth Rs.2000/- per day for an account holder can be exchanged through BCs up to a limit of Rs.4000/- per day.
9. From what date will the exchange facility be available?
To give time to banks to make preparatory arrangements, Public is requested to visit bank branches or RBI from May 23, 2023 to avail the exchange facility.
10. Is it necessary to be a bank customer to exchange Rs 2000 notes at bank branches?
No, a non-account holder can also exchange bank notes of Rs.2000/- up to a limit of Rs. 20,000/- at any bank branch at a time.
11. What if one needs cash more than 20,000/- for business or other purposes?
Deposits in accounts can be made without restrictions. Rs 2,000 banknotes can be deposited in bank accounts and thereafter, cash requirements can be drawn against these deposits.
12. Is there any fee to be paid for exchange facility?
No, the exchange facility will be provided free of cost.
13. Will there be special arrangements for exchange and deposit for senior citizens, disabled persons etc.?
Banks have been directed to take special care of facilities and make special arrangements for senior citizens, disabled persons etc. for exchange/deposit of Rs 2000 notes.
14. What if one cannot deposit/exchange Rs 2000 note immediately?
To make the entire process smooth and convenient for the public, more than four months have been given for depositing and/or exchange of 2000 notes. Hence, people are encouraged to avail this facility as per their convenience within the stipulated time.
