Exchange Rs 2000 Notes: Can you exchange Rs 2000 notes at the post office? Here is what the Department of Post says

Exchange Rs 2000 Notes: Can you exchange Rs 2000 notes at the post office? Here is what the Department of Post says

The Reserve Bank of India has decided to stop issuing banknotes with the denomination of Rs 2000 in accordance with its “Clean Note Policy” as stated in its press release dated May 19, 2023. However, the Rs 2,000 banknotes will continue to be legal tender.

Those who hold Rs 2,000 can visit a bank branch to deposit or exchange the bank notes.

In this regard, the Department of Posts has announced that Rs 2,000 banknotes would no longer be accepted for exchange in post offices and other offices handling cash. “Members of the public should be advised to exchange notes in the banks. However, acceptance of Rs 2000 denomination banknotes should not be refused for any postal transaction in the offices / units,” stated the Department of Posts via a circular issued on May 22, 2023.

Deposit of Rs 2000 at Post Office

“Deposits of banknotes in the denomination of Rs 2000 that completely comply with the applicable KYC requirements can be accepted in the usual manner, without any limits, and according to the current instructions, in Post Office Savings Bank accounts. All the Post office units will discontinue issue of Rs 2000 denomination bank notes,” stated the Department of Posts.

What is Clean Note Policy?
It is a policy adopted by RBI to ensure availability of good quality banknotes to the members of public.

Does the legal tender status of Rs 2000 banknotes remain?
Yes. The Rs 2000 banknote will continue to maintain its legal tender status.

Can Rs 2000 banknotes be used for normal transactions?
Yes. Members of the public can continue to use Rs 2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

What if someone needs more than Rs20,000/- cash for business or other purposes?
Deposit into accounts can be made without restrictions. The Rs2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

Is there any fee to be paid for the exchange facility?
No. The exchange facility shall be provided free of cost.

What will happen if one cannot deposit / exchange Rs2000 banknote immediately?
To make the entire process smooth and convenient for the public, a period of over four months has been given for deposit and/or exchange of Rs 2000 banknotes. Members of the public, are therefore, encouraged to avail this facility at their convenience within the allotted time.

Source link

Author: Shirley