Exchange 2000 Rupees Notes: Latest Update! RBI gives banks time till May 23 to Prepare for Rs 2,000 Note Exchange, Check Details

2000 Rupees Notes: In a recent announcement, the Reserve Bank of India (RBI) has made the decision to withdraw Rs 2,000 notes from circulation. As a result, banks have been instructed to stop issuing these notes immediately.

The RBI has further stated that ATMs and cash recyclers should be reconfigured accordingly. To minimize inconvenience for the public, the RBI has allowed banks to exchange Rs 2,000 banknotes up to Rs 20,000 per account holder at a time (limited to 10 notes per account holder).

All banks will provide the facility of exchanging Rs 2,000 banknotes to the public through their branches. The RBI has given banks until May 23 to prepare for the exchange of Rs 2,000 notes. Depositing the notes into bank accounts will continue to be done in the usual manner.

Find out how banks are preparing for the changes:

Banks are considering permitting Business Correspondents (BCs) to exchange Rs 2,000 notes up to a limit of Rs 4,000 per day per account holder. If necessary, banks may increase the cash holding limit of BCs for this purpose. In order to ensure that deposit and exchange services are accessible to people residing in unbanked areas, banks may also consider utilizing mobile vans.

When depositing the value of Rs 2,000 notes into Jan Dhan Yojana accounts or Basic Savings Bank Deposit (BSBD) accounts, the usual limits will apply as per the respective account types.

Banks maintaining currency chests (CCs) will not allow any withdrawal of Rs 2,000 notes from these chests. The balances held in CCs will be treated as unusable and prepared for dispatch to the corresponding RBI offices.

Upon receiving notes, banks will promptly utilize Note Sorting Machines (NSMs) to ensure accuracy and authenticity. The sorted notes will either be deposited in the currency chests through the linkage scheme or be made ready for dispatch to the nearest RBI Issue Office.

The facility to deposit or exchange Rs 2,000 notes will be available to the general public until September 30. Banks must adhere to Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements, where applicable.

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