Starting Today, Exchange of ₹2,000 Banknotes Only Possible through RBI
Today marks the final day for individuals to exchange their ₹2,000 banknotes at commercial banks. The Reserve Bank of India (RBI) has specified that starting October 7, the exchange of these notes will be restricted to the 19 RBI Issue Offices. A maximum of ₹20,000 per transaction can be exchanged at these offices. However, at any of the 19 RBI Issue Offices, individuals can deposit ₹2,000 banknotes into their Indian bank accounts without any set limit.
The ₹2,000 currency notes will remain legal tender even after the October 7 deadline, but they will not be accepted for regular transactions. Post this deadline, the notes can only be exchanged at the RBI.
As per the RBI’s guidelines, individuals/entities can continue to exchange ₹2,000 banknotes at the 19 RBI Issue Offices, subject to relevant RBI and government regulations, the submission of valid identity documents, and any necessary due diligence as determined by the RBI.
How to Exchange ₹2,000 Notes
Visit one of the 19 Regional Offices (ROs) of the RBI, including locations like Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Alternatively, exchange ₹2,000 banknotes at any nearby bank branch
Individuals/Entities within the country can send ₹2,000 banknotes via India Post to any of the 19 RBI Issue Offices for credit to their Indian bank accounts.
While the RBI’s guidelines do not require a request slip or ID proof for the exchange of these notes, some public sector banks may implement different procedures. Therefore, it is advisable to have an ID proof available when exchanging these currency notes to ensure a smooth transaction.
It is noteworthy that the RBI introduced the ₹2,000 note in November 2016, following the overnight demonetization of high-value ₹1,000 and ₹500 notes by Prime Minister Narendra Modi.
Earlier this year, the RBI reported that approximately 96% of the ₹2,000 banknotes had returned to the banking system since the central bank decided in May to withdraw the high-value note from circulation. As of September 29, only ₹0.14 lakh crore worth of ₹2,000 notes remained in circulation.