The Reserve Bank of India has withdrawn the Rs. 2000 denomination banknotes from circulation on May 19th. The banks were instructed to make necessary arrangements to exchange or deposit notes in the bank. Even though the circulation is withdrawn, it will remain as legal tender.
As per the reports, approximately 3.6 lakh crores notes were out in the economy. The citizens have a time of 4 months to exchange or deposit the notes i.e., till September 30. The Reserve Bank stated that the objective of the introduction of Rs. 2000 banknotes was fulfilled and thus has to be withdrawn. The limit you can exchange is up to Rs. 20,000 at a time.
The common people can exchange their notes from May 23rd, 2023 and the Reserve Bank of India has not spoken anything about the consequences of not exchanging the notes beyond the due date. The government anticipates that this withdrawal will aid in clearing the economy of illicit funds.
Format Slip for Exchange of Rs. 2000 notes:
There is no requirement that only the account holder may exchange the notes in the relevant banks is not mandatory. You can either provide your account number if you have one with that bank or leave the field empty.
As per the notification of the State Bank of India (SBI) issued on 21st May 2023, no identity Cards were needed to exchange or deposit Rs. 2000 banknotes and it may vary to other banks. Since there aren’t many Rs. 2000 banknotes in circulation, this exchange or deposit won’t cause problems for common people.
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