Going to the bank to exchange Rs 2,000 currency notes? Keep these 4 things in mind

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The Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023. However, the banknotes in Rs 2000 denomination will continue to be legal tender.The last date to exchange or deposit Rs 2000 banknotes is September 30, 2023. The general public can visit bank offices to deposit their Rs 2000 banknotes or exchange them for new ones.

However, note that the process of exchange or deposit may differ depending on the bank. In the case of an exchange of Rs 2,000 notes, the RBI governor stated that banks will follow their own procedures and norms.

So, when you are going to a bank to exchange the notes, keep these four things in mind.

Be cautious
When presenting a photocopy of your ID proof to the bank or post office, make sure to include the date and the fact that it is being presented for the purpose of exchanging outdated notes. This will ensure that your identification information is not exploited by anyone.

Valid ID proof

You must carry a valid ID proof, which could include your Aadhaar card, driving licence, voter ID card, passport, NREGA card, PAN card, or any other government-issued ID card. Keep a photocopy of your ID on hand.

Requisition slip
You will also be required to fill up a ‘requisition slip’ as per the format specified by the Reserve Bank of India (RBI).

Exchanging old notes limit

According to an RBI notification, you can exchange up to Rs 20,000 in banknotes at a time. While, you can deposit any amount in the account.

However, general KYC and other regulatory restrictions for cash deposits will apply. In compliance with income tax requirements, if you deposit more than Rs 50,000 in a single transaction, you must provide your PAN information.

Here is a step-by-step guide to exchange Rs 2,000 notes in a bank

Step 1 – Visit the nearest bank branch with Rs 2000 notes available with you.
Step 2- Fill in the requisition slip, enter the details required to facilitate the exchange process of Rs 2000 notes.
Step 3: Submit the slip along with Rs 2000 notes to be exchanged with other denominations.

However, note that the process may differ depending on the bank. In the case of an exchange of Rs 2,000 notes, the RBI governor stated that banks will follow their own procedures and norms.

According to the RBI press release dated September 1, 2023, “According to the data received from the banks, the total value of Rs2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs0.24 lakh crore. Thus, 93% of the ?2000 banknotes in circulation as on May 19, 2023, have since been returned.

According to data obtained from major banks, around 87% of the total banknotes in the 2000 denomination returned back from circulation are in the form of deposits, with the remaining approximately 13% being exchanged into other denomination banknotes.

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