Many questions concerning the current transfer to withdraw Rs. 2000 notes for residents have been raised between most of the people. The Reserve Bank of India introduced the removing of Rs. 2000 notes from existence whereas they continue to be legitimate types of cost. Customers of the financial institution, nevertheless, might make deposits and commerce the notes there. According to the RBI, the chance for the general public to deposit and/or alternate Rs. 2 000 notes can be open until September 30, 2023.
When is it attainable to deposit Rs 2000 right into a financial institution?
The RBI FAQs state that deposits of Rs 2000 notes could also be carried out as regular, i.e., with out restrictions and topic to adherence to present Know Your Customer (KYC) rules and different relevant Statutory necessities. The facility has began from as we speak, May 23, 2023, for individuals who wish to swap the notes.
Keep in thoughts that banks will abide by any relevant Cash Transaction Reporting (STR) rules.In order to minimise the issue for older residents, folks with disabilities, and girls who wish to alternate or deposit Rs 2000 notes, the RBI has additionally ordered banks to make particular preparations.
What is the aim of the withdrawal of Rs 2000 banknotes?
The RBI FAQs state that “The Rs 2000 denomination note was launched in November 2016 under Section 24(1) of the RBI Act, 1934 with the main goal of fulfilling the money requirement of the economy in a timely manner following withdrawal of the legal use of all Rs 500 and Rs 1000 banknotes inflow at that time.
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As quickly as that purpose was achieved and enough numbers of banknotes in different denominations turned accessible, the manufacturing of Rs2000 banknotes was discontinued in 2018–19. The Reserve Bank of India made the selection to take away the Rs 2000 worth banknotes from circulation in mild of the aforementioned and in accordance with its “Clean Note Policy.”
What is the deposit course of and alternate restrict?
The common folks might go to financial institution branches to deposit their Rs 2000 banknotes and/or alternate them. All banks will nonetheless permit deposits into accounts and exchanges for Rs. 2000 banknotes until September 30, 2023. Up to September 30, 2023, the alternate facility may even be accessible on the 19 RBI Regional Offices (ROs) with Issue Departments.
The public can swap notes of as much as Rs 20,000 directly. Up to Rs 4,000 in alternate of Rs 2,000 banknotes will be carried out day by day for account holders by way of enterprise associates. Account deposits are permissible with out limitations. Cash withdrawals are attainable as wanted.
