₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered
central bankhas announced the withdrawal of ₹2,000 notes from circulation.
- The RBI has given time till September 30, 2023 for people to deposit or exchange their ₹2,000 notes.
- Here’s everything you need to know about the withdrawal of the ₹2,000 notes and whether you can still use them.
AdvertisementThe Reserve Bank of India (RBI) last week announced that it is withdrawing the ₹2,000 notes from circulation. However, unlike during the 2016 demonetisation, the central bank has provided ample time to get the notes exchanged.
The news of the withdrawal of the notes is generating a lot of misinformation that is being spread on social media platforms and messaging applications. In this article, we help dispel some of these misconceptions and tell you how you can exchange your ₹2,000 notes.
Can you still use ₹2,000 notes?
The central bank has stated that the ₹2,000 notes will continue to be legal tender even after September 30, 2023. At the moment, there is no information from the government about when the notes will lose their legal tender status.
According to a Business Standard report, the ₹2,000 notes may lose the legal tender status around the end of the year as the central government wishes to avoid the inconvenience caused during the 2016 demonetisation, when the legal tender status of ₹500 and ₹1,000 value notes was ended immediately. Extending the legal tender status of ₹2,000 notes beyond September will give ample time to people staying abroad and the country’s missions to deposit any high-value notes they may have, with banks.
The report states that a notification withdrawing the legal tender status of the ₹2,000 notes may be released after September 2023.
How to exchange ₹2,000 notes
There are two ways you can get rid of your ₹2,000 notes, besides spending them.
Deposit into your accounts
The easiest way is to deposit the ₹2,000 notes into your bank account. You can deposit ₹2,000 notes without any limit in your bank accounts, subject to the existing know-your-customer (KYC) norms.
Exchange at any bank
If you do not wish to deposit the ₹2,000 notes, you can also get them exchanged at any bank for notes of smaller denominations. However, unlike deposits, there is a daily limit on the amount that can be exchanged, to avoid disruption of regular banking services.
You can exchange up to ₹20,000 per day, which equals to ten notes of ₹2,000.
How to exchange your ₹2,000 note
To exchange your ₹2,000 note, all you have to do is take these notes to your nearest bank between May 23 and September 30, 2023. You can exchange ₹2,000 notes at any bank, even if you do not have an account at that bank.
Do you need any ID or documents to exchange ₹2,000 notes?
AdvertisementAmid online reports that you will need an identity proof to exchange your ₹2,000 notes, the State Bank of India (SBI) has clarified that people will not have to carry or show an identity proof to exchange their ₹2,000 notes at banks.
This also means that one person will be able to make multiple exchanges on the same day at different banks, despite the ₹20,000 limit.
PIL filed challenging exchange without identity proof
BJP leader and advocate Ashwini Kumar Upadhyay has filed a public interest litigation (PIL) in the Delhi High Court challenging the RBI and SBI notifications that allow people to exchange their ₹2,000 notes without having to present an identity proof.
Upadhyay’s plea calls the decision arbitrary and irrational, and says it offends Article 14 of the Constitution of India, and is hence, inoperative.
Further, Upadhyay has sought directions for RBI and SBI to ensure that ₹2,000 notes are deposited in respective bank accounts only so that no one can deposit black money into others accounts.
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