With the recent announcement by the Reserve Bank of India (RBI) to withdraw India's highest denomination currency Rs 2000, citizens have been asked to deposit or exchange these notes by September 30, 2023.
The apex bank has advised the banks to provide facilities to people in order to streamline the notes exchange process.
₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tenderhttps://t.co/im8EBo42Wk
May 22, 2023RBI's Directive To Banks
RBI has given certain directives to the banks regarding the exchange of Rs 2,000 denomination notes.
Banks must also adhere to Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) requirements, as applicable.
To ensure accessibility for individuals residing in remote or unbanked areas, banks may consider utilising mobile vans if necessary to provide deposit and exchange services.
Branches should assess their cash requirements and procure banknotes of other denominations from linked or nearby currency chests or the Reserve Bank of India (RBI) in a timely manner.
Branches with currency chests should provide necessary assistance to linked and non-linked branches in accepting Rs 2000 notes and distributing banknotes in other denominations. If banks encounter difficulties in obtaining cash, they may reach out to the respective Issue Office of the RBI for assistance.
RBI Guidelines for Account Holders
Here's how customers can ensure that they have a seamless process when it comes to exchanging Rs 2,000 denomination note.
Customers will have the opportunity to deposit and/or exchange Rs 2000 banknotes until September 30, 2023 through the branches of any bank.
Customers can deposit Rs 2,000 banknotes into their accounts with all banks without any restrictions, following the standard procedures and complying with Know Your Customer (KYC) norms and other applicable statutory requirements.
Banks may exchange Rs 2,000 bank notes up to a limit of Rs 20,000/- at a time.
Account holders can also approach Business Correspondents (BCs) to exchange Rs 2,000 bank notes, with a daily limit of Rs 4,000/-.
When crediting the value of Rs 2,000 notes to Jan Dhan Yojna Accounts / Basic Savings Bank Deposit (BSBD) Accounts, the usual limits will apply, with necessary adjustments.
Banks are requested to ensure that appropriate infrastructure is in place at their branches, including shaded waiting areas and drinking water facilities, especially considering the summer season for customers.
Banks are encouraged to make special arrangements to minimise inconvenience for senior citizens, customers with disabilities, and women who wish to exchange or deposit Rs 2,000 notes.
Also Read: Rs 2,000 Note Withdrawal: Myths Vs Facts
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
