Why did RBI ban 2000 note? Till when will you be able to exchange notes? Learn the answer to every question here

[ad_1]

New Delhi: RBI has decided to withdraw Rs 2000 note from circulation. Under this, between May 23 and September 30, 2023, Rs 2000 notes can be deposited or exchanged in banks. RBI has issued an FAQ so that people don’t face any problem regarding currency exchange. All possible questions are answered in it. Here we are giving the main questions and their answers.

Why are 2000 rupee notes being withdrawn?

The Rs 2000 note was issued in November 2016 under section 24(1) of the RBI Act 1934.

These were mainly issued with the objective of quickly meeting the currency requirement of the economy after the withdrawal of Rs 500 and Rs 1000 notes.

Most of the Rs 2000 notes were issued before March 2017 and are at the end of their expected life of 4-5 years.

It is also observed that these notes are generally not used for transactions. Also, adequate stock of bank notes of other denominations is maintained to meet the demand of the public.

In view of these circumstances, it has been decided to withdraw the Rs 2000 note from circulation under the Clean Note Policy.

clean note policy What ?

The Reserve Bank has formulated a policy to ensure availability of good quality banknotes to the public. This policy is called Clean Note Policy.

How much money can be withdrawn after deposit

2000 rupee notes can be deposited in the bank account without any restriction. After this money can be withdrawn for business or other purposes as per your requirement.

Will it cost any money to exchange notes?

This facility is completely free.

What if one cannot exchange or deposit the notes immediately?

To make the whole process smooth and convenient, a time of four months has been given for depositing or exchanging Rs 2000 notes. That’s why people should deposit or exchange their notes in their account within the stipulated time.

What to do if bank refuses to exchange or deposit notes?

If any bank refuses to accept or exchange Rs 2000 note, first lodge a complaint with the concerned bank.

If the bank does not respond to the complaint within 30 days or the complainant is not satisfied with the response of the bank, a complaint can be lodged on the RBI portal under the Integrated Ombudsman Scheme (RB-IOS) of RBI.

Is it necessary to be a customer of the bank to exchange notes?

A non-account holder can exchange notes up to Rs 20,000 at a time at any bank branch.