What Should You Do With Rs 2000 Notes Now?

Does the legal tender status of ₹2000 banknotes remain?

Yes. The ₹2000 banknote will continue to maintain its legal tender status.

Can ₹2000 banknotes be used for normal transactions?

Yes. Members of the public can continue to use ₹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 should the public do with the ₹2000 denomination banknotes held by them?

Members of the public may approach bank branches for deposit and/or exchange of ₹ 2000 banknotes held by them. The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023.

Is there a limit on deposit of ₹ 2000 banknotes into a bank account?

Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.

Is there an operational limit on the amount of ₹2,000 banknotes that can be exchanged?

Members of the public can exchange ₹2,000 banknotes upto to a limit of ₹ 20,000 at a time.

From which date will the exchange facility be available?

Members of the public are requested to approach the bank branches or regional offices of RBI from May 23, 2023 for availing exchange facility.

Is it necessary to be a customer of the bank to exchange ₹ 2,000 banknotes from its branches?

No. A non-account holder also can exchange ₹ 2,000 banknotes up to a limit of ₹ 20,000 at a time at any bank branch.

Is there any fee to be paid for the exchange facility?

No. The exchange facility shall be provided free of cost.

Will there be special arrangements for senior citizens, persons with disabilities, etc. for exchange and deposit?

Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹ 2,000 banknotes.

What will happen if a bank refuses to exchange / accept deposit of ₹ 2,000 banknote?

For redress of grievance in case of deficiency of service, the complainant may first approach the concerned bank.