As per the RBI release issued on May 19, 2023, “Accordingly, members of the public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.”
RBI circular on ₹2,000 notes: Here’s what you can do with your pink notes
Although the ₹2,000 notes will still be accepted, Indian citizens must deposit or exchange them by September 30, 2022. This action will increase deposit rates and stabilise the banking system. Watch
How much can you deposit at a time?
You can deposit any amount without any restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable Statutory requirements.
Note that banks will also ensure that such transactions will comply with Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements, where applicable.
How much can you exchange at a time?
All banks will exchange Rs 2000 banknotes up to a limit of Rs 20,000/- at a time, as per the circular. This limit is applied in order to decrease the public’s inconvenience, to ensure operational convenience, and to prevent disrupting the routine operations of bank branches.
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Also, one can start exchanging Rs 2000 notes only after May 23, 2023, as per the RBI release.
The Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect.
Here are some important FAQs related to withdrawal of Rs 2000 from circulation.
Is there an operational limit on the amount of Rs 2000 banknotes that can be exchanged?
Members of the public can exchange Rs2000 banknotes upto to a limit of Rs 20,000/- at a time.
From which date will the exchange facility be available?
To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.
Is it necessary to be a customer of the bank to exchange Rs 2000 banknotes from its branches?
No. A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000/- at a time at any bank branch.
What if someone needs more than Rs 20,000/- cash for business or other purposes?
Deposit into accounts can be made without restrictions. The Rs 2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.