When demonetisation took away the old Rs 1,000 and Rs 500 notes overnight and replaced them with Rs 2,000 tenders, people across India were left waiting in queues to get old notes replaced. From empowering a digital economy to weeding out black money, different objectives were pitched as a justification for the abrupt change.
Now Rs 2,000 notes are also set to be withdrawn from circulation, but the Reserve Bank of India is doing it in a phased and organised manner.
How, when and where to exchange notes
The currency notes will be going out of circulation, but they will be accepted as legal tender till September 30, 2023.
September 30 is also the deadline for people across India to get the notes exchanged at their nearest bank branch.
While people get more than four months to replace their Rs 2,000 notes, banks will have three days to prepare, as customers can start exchanging cash from May 23.
Who can exchange and how much?
One doesn't have to be a customer of a bank to exchange Rs 2,000 notes with other denominations.
The notes will also be replaced at 19 regional offices of the RBI, and the limit has been set at Rs 20,000 per day.
In places with a lack of or absence of bank branches, business correspondents will replace Rs 2,000 notes worth a maximum of Rs 4,000 per day.
Separate arrangements will also be made for senior citizens and people with disabilities at banks, as per RBI's instructions.
