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Banks gear up as Rs 2,000 note exchange process starts

Written by  Shgun S -- May 23rd 2023 09:35 AM
Banks gear up as Rs 2,000 note exchange process starts

Banks gear up as Rs 2,000 note exchange process starts

Rs 2,000 exchange: Banks are all geared up as the exchange window for Rs 2000 banknotes opens on Tuesday, four days after the Reserve Bank of India announced the denomination's withdrawal from circulation.

Banks have dedicated counters, people to handle queues, and an ample supply of lower denomination currencies in anticipation of a rush.

The Reserve Bank of India announced on Friday that the process of exchanging 2,000 rupee notes, which will remain legal tender, will begin on Tuesday and last until the end of September.

All you need to know

  • Rs 2000 notes can be exchanged without a requisition slip or identity proof. However, some banks say they will allow deposits or exchange of high-value notes only if a person shows identity proof.
  • Banks in many states have sought the help of local police to regulate queues in case of heavy rush.
  • Banks have warned customers not to deposit or exchange fake 2,000 notes, threatening to file cases against such people.

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  • Account holders who have completed KYC can deposit any number of 2,000 notes into their accounts, but only notes worth 10,000 can be deposited into Jan Dhan accounts.
  • Aside from bank branches, people can exchange Rs 2000 notes at the RBI's 19 regional offices, which have issue departments and business correspondents.

Following the demonetisation of the Rs 500 and Rs 1,000 notes in 2016, the printing of the Rs 2,000 notes was halted in 2018-19 as part of the central bank's strategy to phase it out.

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