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The process of changing 2000 notes is starting from today i.e. Tuesday (May 23) in all the banks of the country. 3 days ago on May 19, RBI announced withdrawal of 2000 note from circulation. People can exchange 2000 notes in banks or deposit in accounts till September 30.
2000 note will remain legal even after RBI’s deadline. That is, existing notes will not be invalid. This time limit is only to encourage people to return these notes to the banks soon. Banks will no longer issue 2000 notes. The printing of these notes is stopped in the year 2018-19.
Prime Minister Narendra Modi had demonetized 500 and 1000 notes on 8 November 2016 at 8 pm. Instead new notes of 500 and 2000 were issued in the new pattern. According to RBI, the 2000 note was printed in view of the urgent need for currency.
Complete Process of Note Exchange-Deposit:
You can visit any bank branch to exchange 2000 note.
It is not necessary to have a bank account if you want to exchange notes.
Only 10 notes i.e. 20,000 rupees can be exchanged at a time.
No form is required to exchange 2000 notes.
If there is a bank account then there is no limit for depositing notes.
You can deposit as many notes as you want by simply filling the form.
RBI has fixed September 30 as the deadline for changing the notes.
This decision was taken under the Monetary Management: RBI Governor
A day ago, RBI Governor Shaktikanta Das said that people should not crowd banks to exchange notes. We have given 4 months time. Feel free to change notes, but take the time limit seriously. This decision has been taken under currency management.
The decision to withdraw the 2000 note from circulation will have little impact on the economy. 2000 notes constitute only 10.8% of the total currency in circulation.
Understand the meaning of this RBI order in 10 questions…
1. Q: What has RBI said?
Answer: The Reserve Bank will withdraw the 2000 note from circulation, but the current notes will not be invalid. Its printing was stopped in 2018-19 after the objective was met.
2. Question: Where can these 2 thousand notes be exchanged?
Answer: You can exchange these notes by visiting any bank branch near you.
3. Q: I don’t have a bank account so can I exchange notes without one?
Answer: Yes, you can exchange notes by visiting any bank branch. It is not necessary that you have an account with that bank. You can exchange notes directly at the counter. On the other hand, if you have an account with that bank, you can deposit this money into your account as well.
4. Q: How many notes can be exchanged at a time?
Answer: ₹ 2000 notes can be exchanged for any other denomination up to a limit of ₹ 20,000 at a time. On the other hand, if you have an account, you can deposit any 2000 note.
5. Question: Will the bank have to pay any charge for exchanging notes?
Answer: No, you will not have to pay any fee for exchange of notes. It’s absolutely free. If an employee asks you for money for the same, you can complain to the bank official or banking ombudsman.
6. Question: What will happen if the notes are not submitted by September 30?
Answer: ₹2000 notes can be used for transactions and can also be received as payment. However, RBI has advised to deposit or exchange these banknotes on or before 30 September 2023.
7. Q: Who does this new rule apply to?
Answer: This decision is applicable to all. Everyone who has Rs 2,000 notes will have to deposit them in any bank branch or exchange for other notes by September 30.
8. Question: How will this affect the general public?
Answer: When 500 and 1000 notes were demonetized in 2016, there were long queues to exchange them. Due to this, people had to suffer a lot. This time the situation will not be the same, but a little trouble may be faced.
9. Question: What is the effect of buying 2000 notes in the market?
Answer: Although the government has kept it in circulation, traders are reluctant to transact with it. In such a case, it would be better to change them from the bank itself.
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