Exchange window for Rs 2,000 notes opens right now, verify all FAQs right here

The strategy of exchanging and depositing Rs 2,000 foreign money notes begins from Tuesday, May 23. It will proceed until September 30. RBI has mentioned that the notice retains its authorized tender standing and people can nonetheless utilise and settle for Rs 2,000 banknotes for his or her transactions.

As the train to deposit the Rs 2,000 begins right now, you may need some questions in your thoughts concerning the change course of. Here are some FAQs you need to verify:

Is any ID proof required for change or deposit of Rs 2,000 notes?

RBI has clarified that no type or requisition slip is required for change of Rs 2,000 notes as much as a restrict of Rs 20,000 at a time. 

Where to deposit or change Rs 2,000 notes? 

People can deposit or change these banknotes at any industrial financial institution department by September 30, 2023. RBI additionally said that the change facility of those banknotes will probably be accessible on the 19 Regional Offices (ROs) of RBI.

What’s the method of depositing Rs 2,000 notes?

According to the notification from the RBI, individuals could make deposits into financial institution accounts with none restrictions, supplied they adhere to the prevailing Know Your Customer (KYC) norms. 

Can we deposit Rs 2,000 notes in any financial institution? 

Individuals who wouldn’t have an account with a selected financial institution can nonetheless strategy the financial institution for the aim of exchanging the Rs 2,000 banknotes.

Is there any cost for depositing or exchanging Rs 2,000 notes?

There is not any payment for the change of Rs 2,000 banknotes. 

What’s the utmost change restrict?

People can change Rs 2000 banknotes as much as a most of Rs 20,000 directly.

In a shock transfer, RBI on Friday introduced withdrawal of Rs 2,000 foreign money notes from circulation however gave public time until September 30 to both deposit such notes in accounts or change them at banks. Unlike the November 2016 shock of demonetisation, when previous Rs 500 and Rs 1,000 notes have been invalidated in a single day, the Rs 2,000 notes will proceed to be authorized tender. 

RBI Governor Shaktikanta Das has described the withdrawal train as a part of the foreign money administration operations of the Reserve Bank. He mentioned that the impression of withdrawal of Rs 2,000 foreign money notes will probably be ‘very very marginal’ on the financial system as a result of it accounts for under 10.8 per cent of foreign money in circulation.