The RBI has set a limit of Rs 20,000 for a single exchange of Rs 2,000 notes.
Several changes will come into effect in the month of September that will impact people across the country. Among them is the deadline for exchanging the Rs 2,000 currency notes. The Reserve Bank of India (RBI) had announced the withdrawal of these notes from circulation while also stating that these will remain legal tender. The central bank had given four months to ensure that the exercise is completed on schedule. According to a release issued by RBI in May, the last date to exchange the remaining currency notes of Rs 2,000 denomination is September 30.
The RBI started printing the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes overnight.
If you still have these notes and you wish to exchange them at the bank, it is important to keep in mind that banks will remain closed for 16 days this month.
These holidays include Janmashtami, Ganesh Chaturthi, Maharaja Hari Singh Ji's anniversary and Eid-i-Milad-ul-Nabi. While some of these holidays will be celebrated nationally, others will see bank closures at regional level.
Here are the steps to be followed to exchange these notes:
- Customers need to visit any of the authorised banks with Rs 2,000 notes available with them
- The bank will give them a requisition slip, where the customers will have to enter details required to facilitate the exchange of Rs 2,000 notes
- The customers need to submit the slip along with Rs 2,000 notes to be exchanged with other denominations
- It is to be noted that depending on the bank, the procedure could change
The RBI has set a maximum of Rs 20,000 on the amount that can be exchanged using Rs 2,000 notes at a time.