If you have Rs 2000 notes, this is what you have to do

The Reserve Bank of India (RBI) announced on Friday, to withdraw Rs 2,000 currency notes from circulation with immediate effect. The decision was taken under the "Clean Note Policy", said the RBI. In case you have banknotes of Rs 2,000 denominations, RBI notified that it can be exchanged an any bank starting May 23 to September 30, along with a number of other questions that are likely to be on people's minds.

Here are your questions about Rs 2000 notes' withdrawal answered

Can I still use the Rs 2000 notes?

Yes, as per the RBI, "the banknotes in Rs 2000 denomination will continue to be legal tender." The RBI has, however, instructed banks to stop issuing Rs 2000 notes. 

What happens to the old Rs 2000 notes?

The old Rs 2,000 notes can be used for transactions since they will be legal tender even after September 30. RBI says that you can also deposit Rs 2,000 banknotes into bank accounts or exchange them into other denominations. 

Can I deposit Rs 2000 notes in my account?

Yes, as per the RBI, "members of the public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch."

How many Rs 2000 notes can I deposit in my account?

As per the RBI, "Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions." 

Can I exchange Rs 2000 notes in banks? 

Yes, as per the RBI, exchange of Rs 2000 banknotes into banknotes of other denominations can be made from any bank starting from May 23, 2023.

Till when can Rs 2000 notes be exchanged?

The facility for exchange of Rs 2000 notes to notes of any other denomination will begin from May 23 and be available until September 30 this year. "All banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023," the official release said. 

Can I exchange all my Rs 2000 notes at once?

You can exchange a maximum amount of Rs 20,000 at once at any bank.

Where can you exchange old Rs 2000 notes?

You can exchange old Rs 2,000 currency notes at any bank, as per directions from the RBI. The banks have also been given specific guidelines for the process. 

Apart from Banks, where else can I exchange my Rs 2000 notes?

The exchange facility shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments' from May 23, 2023, the RBI said in its release.