If you are holding Rs 2000 denomination currency notes, you can exchange them with other notes in a bank by September 30, 2023. There is also a limit of Rs 20,000 for the exchange of Rs 2000 notes at a time in a bank, according to RBI.
The exchange of Rs 2000 notes will start from May 23, 2023.
The RBI today said that Rs 2000 currency notes will be withdrawn from circulation but they will continue to remain legal tender.
You can exchange Rs 2000 notes with currency notes of other denominations in a bank until 30 September 2023, as per RBI.
“Exchange of Rs 2000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023,” said RBI.
“All banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023,” it added.
Also Read: RBI alert: Rs 2000 notes to be withdrawn from circulation
The RBI has also advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. However, the notes will continue to remain legal tender.
As per RBI, banks will start facilitating the exchange of Rs 2000 notes from May 23, 2023. The exchange needs to be completed by the last date i.e. 30 September 2023.
The exchange limit at a time for each person will be Rs 20,000. That means the public can exchange only 10 Rs 2000 notes worth Rs 20,000 at a time in a bank during the exchange period.
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The RBI’s decision to withdraw Rs 2000 notes from circulation came as a surprise to many but experts believe it was on the expected lines. However, It is not yet clear whether the Bank will ask for Aadhaar and PAN to exchange the Rs 2000 currency notes.
