Starting May 23, those who had cash in Rs 2,000 denominations could exchange or deposit these with banks. The start of this facility followed the Reserve Bank of India (RBI) announcement of May 19, 2023, in which it said Rs 2,000 notes will be withdrawn from circulation. This guide will help you find out what to do next.
What should the public do with the Rs 2,000 denomination notes held by them?
One can visit the nearest bank branch and start the process of exchange/deposit when the window to do so starts on May 23, 2023.
When will banks start to exchange/deposit Rs 2,000 currency notes?
Banks will start to exchange/deposit Rs 2,000 currency notes starting May 23, 2023.
How to submit/despot Rs 2,000 banknotes at a bank branch?
Step 1: Visit the nearest bank branch with all the Rs 2,000 notes lying with you.
Step 2: Fill in the requisition slip, enter the details required to facilitate the exchange process.
Step 3: Submit the slip with notes.
What facility are banks offering to enable exchange/deposit of Rs 2,000 notes?
The RBI has advised banks to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc., considering the summer season.
What is the last date to exchange/deposit Rs 2,000 currency note?
October 8, 2023, was the last date to exchange/deposit Rs 2,000 currency note. Starting October 8, 2023, people were given the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI.
Where can I exchange/deposit Rs 2,000 currency note?
You can exchange/deposit Rs 2,000 currency notes at any bank branch till the September-30 deadline.
The facility for exchange will be available also at the 19 regional offices of the RBI.
Banks’ business correspondents are also allowed to exchange banknotes up to a limit of Rs 4,000 per day for an account holder. Business correspondents are extended arms of banks, providing services in unbanked and underbanked areas. Banks may also deploy mobile vans to extend this facility in villages.
How many notes can I deposit?
You can deposit any number of Rs 2,000 banknotes into your account as long as your account is KYC-compliant.
How many notes can I exchange?
You can exchange up to 10 Rs 2,000 banknotes at a time.
Is it necessary to be a customer of the bank to exchange Rs 2,000 banknotes from its branches?
No. A non-account holder also can exchange these notes at any bank branch.
Will I have to submit any documents for depositing Rs 20,000 notes?
The Delhi High Court on May 29, 2023, dismissed a petition that challenged separate notifications by the RBI and SBI through which the two lenders allowed exchange of Rs 2,000 bank notes without requisition slip or identity proof. This means one can deposit notes without showing an ID proof. However, if you deposit cash above Rs 50,000, you have to produce your PAN.
Should I carry my PAN/ Aadhaar card to the bank for Rs 2,000 note exchange, deposit?
Even though the RBI has said that carrying these documents is not mandatory, experts are of the view that KYC documents must be carried, just in case. “When exchanging or depositing large amounts of currency, especially in the case of demonetised or high-denomination notes like Rs 2,000 notes, it is advisable to carry your KYC documents,” Rachit Sharma, deputy general manager, Taxmann, told Business Standard.
Is there any fee to be paid for the exchange facility?
No. The exchange facility is free.
Will there be special arrangements for senior citizens, persons with disabilities, etc., for exchange and deposit?
Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit Rs 2,000 banknotes.
What will happen if a bank refuses to exchange/accept deposit of Rs 2000 banknote?
Customers may first approach the bank concerned. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, they can lodge the complaint under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of the RBI.
Here is how to file a complaint with the RBI
Will banks submit this information to the RBI?
Yes, banks have been asked to maintain daily data on deposit and exchange of Rs 2,000 banknotes in the format given below. They have to submit it as and when required.
| Bank Name | Date | Amount of ₹2000 banknotes exchanged | Amount of ₹2000 banknotes deposited | Total amount |
News update
Facility to exchange, deposit Rs 2,000 notes not available on Apr 1: RBI
March 29, 2024: The Reserve Bank of India (RBI) has announced a temporary halt on exchange and deposit of Rs 2,000 bank notes on April 1, 2024, on account of annual closing of accounts.
“The facility of exchange /deposit of Rs 2000 banknotes will not be available on Monday, April 01, 2024, at the 19 issue offices of the Reserve Bank of India due to operations associated with the Annual Closing of Accounts. The facility will resume on Tuesday, April 02, 2024,” it said in a statement.
List of the 19 RBI Issue Offices
- Ahmedabad
- Bengaluru
- Belapur
- Bhopal
- Bhubaneswar
- Chandigarh
- Chennai
- Guwahati
- Hyderabad
- Jaipur
- Jammu
- Kanpur
- Kolkata
- Lucknow
- Mumbai
- Nagpur
- New Delhi
- Patna
- Thiruvananthapuram
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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