2000 Rupee Banknotes: RBI reveals surprising details about circulation

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2000 Rupee Banknotes: RBI guidelines reveals surprising details about circulation of it

The Reserve Bank of India (RBI) concluded the deadline for exchanging or depositing 2000 Rupee Banknotes in banks on October 7. After this date, the central bank prohibits the exchange of these notes at banks, according to its latest update on September 30. The RBI reported that as of May 19, 2023, of the total value of Rs 3.56 lakh crore of Rs 2,000 banknotes in circulation. Rs 3.42 lakh crore had been received back. Leaving only Rs 0.14 lakh crore in circulation as of the close of business on September 29, 2023. In this article we will describe step by step procedure for returning 2000 notes according to RBI Guidelines.

2000 Rupee Banknotes: RBI guidelines reveals surprising details about circulation of it

Are 2000 Rupee Banknotes still legal ?

Nevertheless, it is crucial to emphasize that Rs 2,000 notes retain their legal recognition as valid currency. If you still possess these notes, the process for exchanging or depositing them is as follows.

To exchange or deposit Rs 2,000 notes, you have the option to visit any of the 19 RBI Issue Offices scattered across India.

2000 Rupee Banknotes: RBI guidelines reveals surprising details about circulation of it

These offices are strategically located in major cities such as Mumbai, Delhi, Chennai, and Kolkata.

Alternatively, individuals can opt to dispatch the notes through India Post to these RBI offices. It is important to note that this procedure necessitates proper identity documentation and adherence to due diligence procedures.

Last date to exchange old 2000 notes

October 7, marks the deadline for depositing or exchanging ₹2,000 banknotes. The Reserve Bank of India (RBI) initially extended the deadline from September 30 to October 7, 2023. According to the RBI release, the ability to deposit or exchange ₹2,000 notes at bank branches will cease from October 8 onwards.

2000 Rupee Banknotes: RBI guidelines reveals surprising details about circulation of it

Despite this, ₹2,000 notes will remain legal tender beyond October 7. But individuals can only exchange them at RBI offices.

RBI guidelines to exchange 2000 Rupee Banknotes 

As of the RBI press release dated November 1, 2023. It states that individuals within the country can actively send Rs 2000 banknotes through India Post.

From any post office to any RBI Issue Office for crediting to their bank accounts in India. The enclosed press release includes the prescribed format for the application required for crediting into the bank account.

To send Rs 2000 banknotes via India Post to RBI Issue Offices, it is imperative to follow the specified application format provided by the RBI. Along with the enclosure of specific valid documents.

Officially valid documents you can use according to RBI Guidelines

To facilitate the process, it is essential to include a copy of one of the following valid documents. Along with a copy of your bank account statement (containing account details). Or the initial page of your passbook (with account details) in the post:

  • Aadhaar Card
  • Driving License
  • Voter ID Card
  • Passport
  • NREGA Card
  • PAN Card
  • Identity card issued by a Government Department

2000 Rupee Banknotes: RBI guidelines reveals surprising details about circulation of it

Bank Account Details needed

To ensure a smooth process, it is necessary to provide the following details in the submitted post:

  • Account Holder’s Name
  • Your Account Number
  • Account Type
  • Bank Name
  • Branch Name/Address
  • IFSC Code

It is crucial to note that the RBI specifies that the credited amount is subject to the condition that the account is fully KYC compliant.

The 19 RBI offices handling the depositing/exchanging of banknotes are situated in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

For verification, you can find the address of the RBI issue office on the RBI website.

FAQs

Q: How to exchange 2000 notes after deadline?

A: According to RBI guidelines FAQs, individuals and entities can actively exchange ₹2000 banknotes at the 19 RBI Issue Offices, with a limit of ₹20,000 at a time. Additionally, they have the option to tender ₹2000 banknotes at these offices for crediting to their bank accounts in India, and this can be done for any amount.

However, it’s important to note that such exchanges or credits are subject to the pertinent RBI and government regulations. Furthermore, individuals and entities must submit valid identity documents and undergo due diligence as deemed appropriate by the RBI.

Q: Can we exchange 2000 notes in RBI?

A: Yes

Q: How to send 2000 rupees notes to RBI?

A: As outlined in RBI Guidelines FAQs, individuals and entities within the country have the option to actively send ₹2000 banknotes through India Post to any of the 19 RBI Issue Offices, following the procedure specified by the Department of Posts. This facilitates the crediting of these banknotes to their bank accounts in India.

However, it’s important to note that such credit is contingent upon adherence to the pertinent RBI and government regulations. Additionally, individuals and entities must submit valid identity documents and undergo due diligence as deemed appropriate by the RBI.

Q: How can I exchange notes in RBI?

A: As of the RBI Guidelines press release dated November 1, 2023, it states that individuals within the country can actively send Rs 2000 banknotes through India Post from any post office to any RBI Issue Office for crediting to their bank accounts in India. The enclosed press release includes the prescribed format for the application required for crediting into the bank account.

To send Rs 2000 banknotes via India Post to RBI Issue Offices, it is imperative to follow the specified application format provided by the RBI, along with the enclosure of specific valid documents.

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