Bhopal (Madhya Pradesh): The Reserve Bank of India's move to exchange Rs 2000 notes with coins has taken Bhopalis by surprise. Recently, RBI Bhopal has started to provide coins in the denominations of 10 and 20 rupees instead of cash when exchanging 2000 rupee notes, as there’s excess of change in the offerings.
Since October 7, people have been queuing up outside the RBI in Bhopal as early as 6 AM for the note exchange. Reports from those in line suggest that officials inside the RBI are engaged in discussions about transferring money to accounts or offering coins instead of notes. Many people have expressed dissatisfaction, claiming that officials are unwilling to provide notes.
For individuals seeking to exchange more than 10 notes, an alternative option is to utilize postal services. This process includes depositing the notes in a designated envelope and obtaining a form (Annex-II) from the post office.
Additionally, individuals need to provide a PAN card or Form 60, a copy of identification, and the deposited envelope. The credited amount from the notes deposited in the envelope will be transferred to the respective bank account. It is crucial to include a copy of bank account details (comprising account details) or the initial page of the passbook with the deposited envelope.
The 2000 rupee note was initially introduced in November 2016, after Prime Minister Narendra Modi's announcement about the demonetization of 500 and 1000 rupee notes. New 500 and 2000 rupee notes with updated designs were introduced, in place of the demonetized notes.
However, it's important to note that the RBI ceased printing 2000 rupee notes in the financial year 2018-19. Moreover, in the financial year 2021-22, 2000 rupee notes worth 38 crores were reportedly destroyed.