₹2000 notes can only be exchanged at banks, not post offices

₹2000 notes can only be exchanged at banks, not post offices

The public can start exchanging or depositing their Rs 2000 notes from today up to September 30, RBI said while announcing last week the decision to withdraw the high-value currency from circulation.

FPJ Web DeskUpdated: Tuesday, May 23, 2023, 04:06 PM IST
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Rs 2000 notes can only be exchanged through banks and not through post offices: Report | File

Exchange service of Rs 2000 notes will be available only at bank branches and cannot be done through the post office, ANI reports.

“Exchange facility is available only at banks. Customers can make deposits since Rs 2000 note is legal tender,” the report said.

Members of the public were asked to deposit their Rs 2,000 denomination currency notes into their bank accounts and/or exchange them for currency notes of other denominations from today at any bank branch up to September 30, 2023.

The Reserve Bank of India (RBI) on last week announced the withdrawal the Rs 2000 denomination currency notes from circulation, but added they will continue to remain as legal tender. RBI had also advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect.

The RBI said that such high-value currency notes were primarily issued to quickly replenish the value of money being taken out from the system when the legal tender status of then-prevailing Rs 1000 and Rs 500 notes was withdrawn during demonetisation.

The exchange of Rs 2000 currency notes into other denominations notes can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.

RBI Governor Shaktikanta Das quoted on the September 30 deadline, "a date was decided so that people take the process seriously and it does not become endless."

”…Time is given up to September 30 (for exchange of notes) so that it is taken seriously, otherwise, if you leave it open-ended, it becomes a kind of an endless process,” he added.

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