In response to widespread rumours circulating on social media regarding the required documents for exchanging or depositing ₹2,000 notes, the State Bank of India has clarified that no form or slip will be necessary for such transactions. Additionally, the bank emphasized that individuals can deposit or exchange ₹2,000 notes up to a total value of ₹20,000 at a time.
Government sources have reaffirmed that people can avail of multiple exchanges of ₹2,000 notes, totaling up to ₹20,000 per day. It has been clarified that individuals can stand in queues and return to the same queue for further exchanges. These measures aim to alleviate concerns and provide convenience to the public.
The Reserve Bank of India (RBI) announced on Friday its decision to withdraw ₹2,000 notes from circulation. However, the RBI has ensured that these notes will remain legal tender until September 30, and individuals can exchange or deposit them in their bank accounts. Starting May 23, the RBI’s 19 regional offices, along with other banks, will begin accepting ₹2,000 notes for exchange with lower denomination ones.
It is important to note that no fees will be charged for availing the exchange facility, as clarified by the RBI. Moreover, banks have received instructions to make necessary arrangements to minimise inconvenience for senior citizens and individuals with disabilities who intend to exchange or deposit ₹2,000 banknotes.
No requisition slip will be asked to exchange Rs 2000 at banks ….. check this before spreading fake news pic.twitter.com/cnaHkR5RKu
— Sandeep Gandotra🇮🇳 (@sandeepg1979) May 21, 2023
According to the RBI, approximately 89 percent of ₹2,000 denomination banknotes were issued before March 2017 and are nearing the end of their estimated lifespan of four to five years. The total value of these banknotes in circulation has decreased from a peak of ₹6.73 lakh crore as of March 31, 2018 (accounting for 37.3 percent of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8 percent of notes in circulation as of March 31, 2023.
The RBI’s decision to withdraw ₹2,000 notes aims to manage currency circulation effectively and ensure the availability of smaller denominations. The ongoing exchange process seeks to facilitate a seamless transition for the public while maintaining the integrity of the country’s currency system.