In exchange of notes of more than 20 thousand 2000, Aadhaar-Pan will have to be given if the limit is crossed.

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On May 19, the Reserve Bank of India had announced the closure of the 2000 rupee note. At present, these notes will be valid till 30 September. RBI Governor has given clarification today on the limit of exchange of notes in banks. RBI has also issued guidelines for exchange of notes.

What are the guidelines of the bank?

According to bank guidelines, you can exchange 20,000 rupees i.e. 10 notes of 2000 in a day. People will not need to fill any form to exchange notes. Bank will not charge any fee for exchange of notes, people do not need to show any ID proof. India’s largest public sector bank State Bank of India (SBI) has also issued a circular regarding note exchange.

Banking rules to be followed?

You can exchange notes up to Rs 20,000 per day. There is no limit for depositing money in the account. While depositing money in the bank, you have to follow the rules made by RBI. PAN card and Aadhaar card will have to be shown for depositing more than 50 thousand cash. According to RBI rules, you can deposit only Rs 50,000 in a day. Only up to Rs 20 lakh can be deposited in a year. PAN number will have to be given for depositing more cash than this.

What if I deposit more cash?

On depositing more than 50 thousand in cash, the bank informs the Income Tax Department. After this, the Income Tax Department accesses the matter and also takes action if it is found to be wrong. In such a situation, banks and Income Tax Department work according to the rules. At present no new rule has come into force.

Can the deadline be extended beyond September 30?

RBI has fixed 30 September 2023 as the last date for note exchange. Many people are abroad, so it is possible that after 30 September some concessions will be given to them. The date for exchange of notes for the general public is unlikely to go ahead. So far no information has been given in this regard.