Banks will accept deposits or exchange Rs 2,000 banknotes until September 30, 2023.
As per the RBI press release, “According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.14 lakh crore up to July 31, 2023. Consequently, Rs 2000 banknotes in circulation as at the close of business on July 31 stood at Rs 0.42 lakh crore. Thus, 88% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned.”Approximately 87% of the banknotes in the denomination of 2000 that were returned from circulation, according to data gathered from major banks, are in the form of deposits, while the remaining 13% have been exchanged for banknotes in other denominations.
Here is a step-by-step guide to exchange Rs 2,000 notes in a bank
Step 1 – Visit the nearest bank branch with Rs 2000 notes available with you.
Step 2- Fill in the requisition slip, enter the details required to facilitate the exchange process of Rs 2000 notes.
Step 3: Submit the slip along with Rs 2000 notes to be exchanged with other denominations.
However, note that the process may differ depending on the bank. In the case of an exchange of Rs 2,000 notes, the RBI governor stated that banks will follow their own procedures and norms.
There is no maximum deposit amount. General KYC and other regulatory requirements for cash deposits will, however, apply.If you deposit more than Rs 50,000 in a single transaction, you must include your PAN information in accordance with income tax regulations. According to an RBI notification, you can exchange up to Rs 20,000 in banknotes at a time.