Find out how to change Rs.2,000 banknotes between twenty third Could to thirtieth September 2023? Whether or not the prevailing Rs.2,000 forex notes are authorized tender or not? What’s the deadline to change?

In a stunning transfer, RBI right this moment (nineteenth Could 2023) introduced that it’s withdrawing Rs 2,000 Financial institution notes from circulation.

The Rs.2,000 denomination banknote was launched in November 2016 underneath Part 24(1) of RBI Act, 1934 primarily with the target to satisfy the forex requirement of the financial system in an expeditious method after withdrawal of the authorized tender standing of all ?500 and ?1000 banknotes in circulation at the moment. With fulfilment of that goal and the supply of banknotes in different denominations in sufficient portions, printing of Rs.2,000 banknotes was stopped in 2018-19. A majority of the Rs.2,000 denomination notes have been issued previous to March 2017 and are on the finish of their estimated life-span of 4-5 years. It has additionally been noticed that this denomination just isn’t generally used for transactions. Additional, the inventory of banknotes in different denominations proceed to be sufficient to satisfy the forex requirement of the general public.

In view of the above, and in pursuance of the “Clear Be aware Coverage” of the Reserve Financial institution of India, it has been determined to withdraw the Rs.2,000 denomination banknotes from circulation.

Find out how to change Rs.2,000 banknotes between twenty third Could to thirtieth September 2023?

Allow us to now perceive the method of easy methods to change Rs.2,000 notes after twenty third Could 2023.

1. The Reserve Financial institution of India has suggested banks to cease issuing Rs.2,000 denomination banknotes with speedy impact.
2. The banknotes in Rs.2,000 denomination will proceed to be authorized tender. Nevertheless, whether or not any public will settle for it? Sadly NO. Therefore, you don’t have any possibility however to return to the banks or to the designated RBI workplaces.
3. Efficient from twenty third Could 2023, the change of Rs.2,000 banknotes into banknotes of different denominations will be made as much as a restrict of Rs.20,000/- at a time at any financial institution ranging from Could 23, 2023. Therefore, the utmost each day change in any financial institution department is ONLY Rs.20,000 without delay. There is no such thing as a such higher restrict set by RBI. Every time you attempt to change on the money counter of the financial institution, the utmost change allowed is Rs.20,000 per particular person.
4. THE DEADLINE TO EXCHANGE RS.2,000 NOTES IS SEPTEMBER 30, 2023.
5. It’s important to end a traditional KYC course of for such an change. As per one other guideline issued by RBI, it’s clearly talked about as “Deposit of Rs.2,000 banknotes into accounts maintained with all banks will be made within the ordinary method, that’s, with out restrictions and topic to compliance with extant Know Your Buyer (KYC) norms and different relevant Statutory necessities. The banks shall even be required to adjust to Money Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) necessities, the place relevant.”.
6. All banks and all their branches should present this facility of change Rs.2,000 notes.
7. For folks residing in distant/ unbanked areas, banks have to supply cellular vans, if mandatory.
8. Banks will present particular preparations to scale back inconvenience to senior residents, individuals with disabilities, and ladies looking for to change/deposit Rs.2,000 notes.
9. The ability for change will likely be obtainable additionally on the 19 Regional Workplaces (ROs) of RBI having Difficulty Departments till September 30, 2023.
10. There is no such thing as a such most restrict per particular person specified. Nevertheless, deposits into financial institution accounts will be made with out restrictions topic to compliance with extant Know Your Buyer (KYC) norms and different relevant statutory/regulatory necessities.
11. You do no must be a buyer of the financial institution. You’ll be able to go to any financial institution and change your Rs.2,000 notes. Nevertheless, one-time restrict of Rs.20,000 is relevant.

What if banks refuse to change your Rs.2,000 notes?

For redress of grievance in case of deficiency of service, the complainant / aggrieved buyer could first strategy the involved financial institution. If the financial institution doesn’t reply inside a interval of 30 days after lodging the grievance or if the complainant just isn’t glad with the response/decision given by the financial institution, the complainant can lodge the grievance underneath the Reserve Financial institution – Built-in Ombudsman Scheme (RB-IOS), 2021 on the Grievance Administration System portal of RBI (cms.rbi.org.in).

I hope I’ve cleared the doubts of easy methods to change Rs.2,000 notes after twenty third Could 2023.