With the Reserve Bank of India withdrawing ₹2,000 from circulation, you now have time till September 30 to deposit these notes into your accounts and/or exchange at the nearest bank.
In case you find yourself clueless as to how to go about it, there is no need to worry. The Reserve Bank of India has released a FAQ answering all your questions with respect to the ₹2,000 notes you have right now.
As per the RBI, the ₹2,000 note will continue to be a legal tender. It means that the people can continue to use them for their transactions and receive them in payment. But they have been encouraged to deposit and/or exchange these currency notes before September 30 this year.
The people can exchange ₹2,000 bank notes up to a limit of ₹20,000 at a time. They can also deposit these notes into their account subject to KYC norms. These notes can be exchanged through business correspondents up to a limit of ₹4000/- per day for an account holder.
The RBI has urged people to approach the bank branches from May 23 for exchanging their ₹2,000 bank notes. This is being done to give more time to banks to prepare for the bank exchange process.
The RBI has withdrawn ₹2,000 denomination notes. (Getty Images/iStockphoto)
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The deposits into accounts can be made without restrictions. The ₹2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits, the RBI said. The exchange facility shall be provided free of cost.
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