The Reserve Bank of India on May 19 announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

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MyGovIndia, the citizen engagement platform of the Government of India said that there are several misconceptions surrounding the withdrawal of Rs 2,000 currency notes from circulation and shared a series of tweets busting the myths. Take a look:

1.

Myth: Rs 2000/- currency notes will become illegal if not exchanged before September 30, 2023.

Fact: The currency notes shall continue to be legal tender even after September 30, 2023.

Photo Credit: PTI

2.

Myth: Your account-holding bank is the only authorized institution to exchange Rs 2,000/- currency notes for smaller denominations.

Fact: Any bank, regardless fo whether you have an account with them or not, can exchange currency notes up to a limit of Rs 20,000/- at a time.

Photo Credit: PTI

3.

Myth: There is a fee to be paid for the exchange facility.

Fact: The exchange facility shall be provided free of cost.

Photo Credit: PTI

4.

Myth: This is Demonetisation

Fact: No, it is not. It is just an exchange of currency of Rs 2,000 into smaller denominations.

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