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2000 rupee note ban: What to do with the currency you have now?

May 20, 2023: The Reserve Bank of India (RBI) on Friday said Rs 2,000 notes will be withdrawn from circulation. Wondering what to do with the cash lying with you?

When will banks start to exchange/deposit Rs 2,000 currency notes?
Banks will start to exchange/deposit Rs 2,000 currency notes starting May 23, 2023.

What should the public do with the Rs 2000 denomination notes held by them?

One can visit the nearest bank branch and start the process of exchange/deposit when the window to do so starts on May 23, 2023.

What is the last date to exchange/deposit Rs 2,000 currency note?
September 30, 2023, is the last date to exchange/deposit Rs 2,000 currency note.

Where can I exchange/deposit Rs 2,000 currency note?
You can exchange/deposit Rs 2,000 currency notes at any bank branch till the September 30 deadline.

The facility for exchange will be available also at the 19 regional offices.

Banks’ business correspondents are also allowed to exchange banknotes up to a limit of Rs 4,000 per day for an account holder. Business correspondents are extended arms of banks providing services in unbanked and underbanked areas. Banks may also deploy mobile vans to extend this facility in villages.

How many notes can I deposit?
You can deposit any number of Rs 2,000 banknotes into your account as long as your account is KYC-compliant.

How many notes can I exchange?
You can exchange up to 10 Rs 2,000 banknotes at a time.

Is it necessary to be a customer of the bank to exchange Rs 2,000 banknotes from its branches?
No. A non-account holder also can exchange these notes at any bank branch.

Is there any fee to be paid for the exchange facility?
No. The exchange facility is free.

Will there be special arrangements for senior citizens, persons with disabilities, etc., for exchange and deposit?
Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit Rs 2,000 banknotes.

What will happen if a bank refuses to exchange/accept deposit of Rs 2000 banknote?
Customers may first approach the bank concerned. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, they can lodge the complaint under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of the RBI.

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