The Reserve Bank of India (RBI) has confirmed that you can exchange ₹2000 notes through post offices. The RBI provided this information in a set of Frequently Asked Questions (FAQs) on its website, stating that anyone can send these notes to any of its 19 issue offices using any post office.
In May of the previous year, the RBI decided to phase out ₹2000 notes, which were initially introduced after the demonetization in 2016. Originally, the option to deposit or exchange these notes was available at all bank branches across the country until September 30, 2023. However, this deadline was extended to October 7, 2023.
It’s important to note that the exchange service is now specifically accessible at the 19 issue offices of the RBI since May 19, 2023.
How to Exchange ₹2000 Notes?
You can easily send ₹2000 banknotes to your Indian bank account by following a simple process. Just visit any post office in the country, fill out the application form, and send it along with the banknotes. There are 19 RBI issue offices where you can send your application. To get the form, visit the RBI website homepage and click on the ‘Forms-Others’ link. It’s a straightforward way to credit money to your account.
Also Read: Stock Market Holidays in 2024, BSE And NSE Holidays in India
Documents Required for ₹2000 Note Exchange
To exchange a ₹2000 note, you’ll need to submit a copy of any officially valid document (OVD), like Aadhaar Card, Driving License, Voters ID Card, Passport, NREGA Card, PAN Card, or an Identity card issued by a government department or public sector unit.
Include this document along with the application form and a copy of your bank account statement (showing account details) or the first page of your passbook (with account details).
Status of ₹2000 notes
In November 2016, the central bank introduced ₹2000 banknotes to meet the economy’s currency needs after discontinuing ₹500 and ₹1,000 notes. As other denominations became more widely available, the printing of ₹2,000 notes stopped in the financial year 2018-19.
Consequently, the decision to withdraw these notes was made. Currently, 97.38% of ₹2000 notes have been returned by Indians. As of December 29, 2023, ₹9,330 crore worth of ₹2,000 notes remain in circulation, according to the apex bank. It’s important to highlight that despite the withdrawal announcement, ₹2000 banknotes are still considered legal tender.
Exchange/Deposit Rs.2000 Banknotes after 7 October
Starting October 8, 2023, there are changes in the process for depositing or exchanging Rs.2000 banknotes. You won’t be able to deposit or exchange these notes at regular bank branches. Instead, you can go to any of the 19 RBI Issue Offices to exchange them, with a limit of Rs. 20,000 per transaction.
If you prefer, you can also tender Rs.2000 banknotes at the 19 RBI Issue Offices to have the amount credited directly into your bank account. However, this process is subject to the relevant RBI rules, submission of valid identity documents, government regulations, and any due diligence required by the RBI.
In special cases, such as involvement with courts, government departments, law enforcement agencies, or other public authorities in investigation proceedings or enforcement, there is no limit for depositing or exchanging Rs.2000 banknotes at the 19 RBI Issue Offices.
Also Read: Bank Holidays 2024 in India, List of Public Holidays
RBI 2000 Note Exchange FAQs
Q.1. Can I still exchange ₹2000 notes after October 7, 2023?
Ans. Yes, you can exchange them at any of the 19 RBI Issue Offices.
Q.2. What documents are needed for ₹2000 note exchange?
Ans. Submit a copy of an officially valid document (OVD) along with the application form and your bank details.
Q.3. Where can I get the exchange application form?
Ans. Visit the RBI website’s homepage, click ‘Forms-Others,’ and download the form.
Q.4. What is the deadline for exchanging ₹2000 notes through post offices?
Ans. There’s no specific deadline, but it’s advisable to do it at your earliest convenience.
Q.5. Are ₹2000 notes still considered legal tender?
Ans. Yes, despite the withdrawal announcement, ₹2000 banknotes are still considered legal tender.
