Exchange facility for Rs 2,000 notes to continue as earlier; RBI issues guidelines for banks

New Delhi: The Reserve Bank of India (RBI) Monday informed that facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier.

In addition to that, the RBI has instructed all Banks across the nation to provide appropriate infrastructures at all the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season.

The facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier: Reserve Bank of India (RBI)

Exchange of the Rs 2000 banknotes into banknotes of other denominations can be made upto a… pic.twitter.com/HpbqEpiwie

— ANI (@ANI) May 22, 2023

It should be noted that the last date to submit notes of Rs 2,000 is Septemer 30. Banknotes of Rs 2,000 into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting tomorrow, May 23.

Banks were instructed to stop issuing the notes of Rs 2,000 after the RBI announced that the circulation of these notes will be stopped and withdraw it in pursuance of the “Clean Note Policy”.

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The central bank said that the banknotes are not being commonly used for transactions as per the obersavation it carried out.

The banknotes of Rs 2,000 were introduced in November 2016 under Section 24(1) of RBI Act, 1934. The notes were rolled out to meet the currency requirement of the economy in an expeditious manner.

It came after the Centre announced that all Rs 500 and Rs 1,000 banknotes in circulation at that time will not be legal after November 8, 2016.

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