The exchange of Rs 2000 notes will now be restricted to bank branches, with post offices being excluded from this service, as per the recent update by the Reserve Bank of India (RBI).
Rs 2000 Note Exchange Only at Banks
Customers looking to exchange their Rs 2000 denomination notes will now need to visit their bank branches. “Exchange facility is available only at banks. Customers can make deposits since Rs 2000 note is legal tender,” sources stated. This development means no “post office bank” is authorised to handle the exchange of Rs 2000 notes.
RBI’s Decision on Rs 2000 Notes
The RBI announced its decision last week to gradually withdraw Rs 2000 notes from circulation. However, these notes continue to be valid legal tender. Following this announcement, the central bank has advised banks to stop issuing Rs 2000 notes with immediate effect.
Impact on Citizens
The Rs 2000 notes were initially introduced to rapidly restore monetary value following the demonetisation of the Rs 1000 and Rs 500 notes. As the RBI moves forward with the phase-out of Rs 2000 notes, it assures citizens that they can continue to deposit these banknotes into their bank accounts or exchange them for other denominations at any bank branch until September 30, 2023.
- The exchange of Rs 2000 notes is now confined to bank branches, excluding post office banks.
- The RBI is gradually phasing out Rs 2000 notes from circulation, but these notes remain legal tender.
- Banks have been instructed to stop issuing Rs 2000 notes.
- Until September 30, 2023, citizens can deposit Rs 2000 notes into their bank accounts or exchange them for other denominations at any bank branch.