Here's Everything You Need to Know About Exchanging Your Rs 2,000 Notes

The exchange window is now open, individuals can exchange Rs 2,000 notes up to a maximum of Rs 20,000 without needing to fill out a form or obtain a requisition slip. A lot of information is circulating around the Rs. 2000 note, even then there are a lot of questions revolving in the minds of many people.

Here go the answers to the questions expected from your side-

How much amount can I exchange?

RBI has established a restriction on the exchange of banknotes. Individuals can exchange Rs 2000 banknotes up to a maximum of Rs 20,000 at once.

How many times can I get into the queue to exchange Rs. 2000 notes?

There is no restriction of getting into the queue. Individuals can join the exchange queue for Rs 2,000 notes multiple times.

How much money can I deposit in my account in the denomination of Rs. 2000?

For depositing such notes into your own accounts, RBI has not specified any limit, but it is subject to compliance with Know Your Customer (KYC) norms and other relevant legal requirements.

Do I need to fill requisition slip to exchange the notes?

It depends on the bank. Well, the State Bank of India is allowing the exchange of Rs 2,000 notes up to Rs 20,000 without a requisition slip.

Do I need to carry my ID proof like Aadhaar Card, PAN, etc.?

No, individuals are not required to provide any identification proof during the exchange process.

Do I need to pay any charges while depositing or exchanging Rs. 2000 notes?

As per RBI guidelines, no bank can any kind of fee for the exchange Rs. 2000 notes.

What is the maximum number of notes can I carry while exchanging?

According to RBI guidelines, individuals can exchange Rs 2000 banknotes up to a maximum of Rs 20,000 at once. It means you can exchange a maximum of 10 notes at a time.

Is there any special arrangement for Senior Citizens?

RBI has issued guidelines aimed at minimizing inconvenience for senior citizens, persons with disabilities, and other individuals seeking to exchange or deposit money. Additionally, the central bank has emphasized that individuals facing any challenges during the deposit process can register complaints to have their concerns addressed.

Where can I submit my grievances related to Rs. 2000 notes?

If individuals or customers encounter service-related issues, they are advised to first approach the respective bank. If the bank does not respond within 30 days of the complaint being lodged, or if the complainant is unsatisfied with the bank's response or resolution, they have the option to file a complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021. The bank has officially stated that complaints can be registered through the Complaint Management System portal of RBI (cms.rbi.org.in).

RBI Announcement

The RBI announced on May 19 that it would withdraw Rs 2,000 currency notes from circulation, allowing the public until September 30 to either deposit the notes into their accounts or exchange them at banks. Unlike the sudden demonetization in November 2016, where old Rs 500 and Rs 1,000 notes became invalid overnight, the Rs 2,000 notes will remain legal tender until the September 30 deadline.