Rs 2000 note withdrawn: The facility of depositing banknotes has started today, May 23; here's all you need to know.
Many questions about the recent move to withdraw Rs. 2000 notes for residents have been raised between the general public. The Reserve Bank of India announced the removal of Rs. 2000 notes from existence while they remain valid forms of payment. Customers of the bank, however, may make deposits and trade the notes there. According to the RBI, the opportunity for the public to deposit and/or exchange Rs. 2 000 notes would be open till September 30, 2023.
When is it possible to deposit Rs 2000 into a bank?
The RBI FAQs state that deposits of Rs 2000 notes may be done as normal, i.e., without restrictions and subject to adherence to current Know Your Customer (KYC) regulations and other applicable Statutory requirements. The facility has started from today, May 23, 2023, for those who want to swap the notes.
Keep in mind that banks will abide by any applicable Cash Transaction Reporting (STR) regulations.In order to minimise the difficulty for older citizens, people with disabilities, and women who want to exchange or deposit Rs 2000 notes, the RBI has also ordered banks to make specific arrangements.
What is the purpose of the withdrawal of Rs 2000 banknotes?
The RBI FAQs state that "The Rs 2000 denomination note was launched in November 2016 under Section 24(1) of the RBI Act, 1934 with the main goal of fulfilling the money requirement of the economy in a timely manner following withdrawal of the legal use of all Rs 500 and Rs 1000 banknotes inflow at that time.
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As soon as that goal was achieved and sufficient numbers of banknotes in other denominations became available, the production of Rs2000 banknotes was discontinued in 2018–19. The Reserve Bank of India made the choice to remove the Rs 2000 value banknotes from circulation in light of the aforementioned and in accordance with its "Clean Note Policy."
What is the deposit process and exchange limit?
The general people may go to bank branches to deposit their Rs 2000 banknotes and/or exchange them. All banks will still allow deposits into accounts and exchanges for Rs. 2000 banknotes till September 30, 2023. Up to September 30, 2023, the exchange facility will also be accessible at the 19 RBI Regional Offices (ROs) with Issue Departments.
The public can swap notes of up to Rs 20,000 at once. Up to Rs 4,000 in exchange of Rs 2,000 banknotes can be done every day for account holders through business associates. Account deposits are permissible without limitations. Cash withdrawals are possible as needed.
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