Forex News

RBI discontinues deposit of INR 2,000 notes in banks, maintains exchange at regional offices



 

The Reserve Bank of India (RBI) has ceased the exchange or deposit of INR 2,000 notes in banks from Saturday, October 7, 2023. This decision follows the RBI’s announcement on September 30 that INR 3.42 lakh crore ($46 billion) out of the total INR 3.56 lakh crore ($48 billion) worth of INR 2,000 banknotes in circulation since May 19 had been returned by September 29.

The return rate was reported at 96%, leaving INR 0.14 lakh crore ($1.9 billion) as valid currency. Despite the cessation of deposits in banks, these notes remain legal tender and can still be exchanged or deposited at any of the RBI’s 19 Issue Offices located in major Indian cities such as Mumbai, Delhi, Chennai, and Kolkata.

For those wishing to exchange or deposit their INR 2,000 notes at these offices, they will need to adhere to due diligence procedures. This includes the submission of identification documents such as PAN, Aadhaar, or Driver’s License for KYC compliance and bank account details for the credit process.

While the RBI has discontinued this facility in banks, it has not set a deadline for exchanges or deposits at its regional offices. The central bank stated that this provision would be available “till further advice.” The notes can also be sent via India Post, increasing accessibility for those living outside major cities.

This move by the RBI is part of a broader effort to manage the circulation of high-value banknotes in India. As such, holders of INR 2,000 notes are encouraged to take advantage of the exchange facility at RBI regional offices or through India Post until further notice.

Source

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