The Rs 2000 note in India has been a topic of discussion for many. The Reserve Bank of India (RBI) issued a notification in 2016 to demonetize the Rs 500 and Rs 1000 notes, but the Rs 2000 note was introduced as a replacement.
The Rs 2000 note is a legal tender in India and can be used to make transactions at any merchant who accepts it. It's a big note, measuring 66 mm in length, 146 mm in width, and 3.9 mm in thickness.
You can exchange the Rs 2000 note at any branch of the State Bank of India (SBI), Canara Bank, Syndicate Bank, or Punjab National Bank.
Exchange Options
The RBI has made it possible to exchange Rs 2,000 bank notes up to Rs 20,000 at a time from May 23.
You can exchange your Rs 2,000 bank notes at a designated bank or financial institution, but you'll need to do it in batches of up to Rs 20,000.
The Rs 2,000 bank note was introduced by the RBI on November 8, 2016.
You can exchange your notes even after the RBI withdraws them from circulation, as they will still be legal tender until September 30.
The RBI has introduced a total of seven new currency notes, including the Rs 2,000 note, as part of their currency reform initiative.
Make sure to exchange your notes before the deadline on September 30 to avoid any inconvenience.
RBI's Actions
The RBI has incurred a cost of Rs 17,688 crore for printing banknotes of Rs 2,000 denominations since 2016.
The RBI has announced the withdrawal of Rs 2,000 currency notes from circulation under the Clean Note policy, and instructed citizens to deposit or exchange them at bank branches until September 30, which was later extended to October 7.
The RBI has emphasized that the Rs 2,000 banknote continues to remain a legal tender, and depositors can exchange them for up to Rs 20,000 at one time at the RBI's 19 issue offices.
Public sector banks spent about Rs 32 crore to recalibrate ATMs for Rs 2,000 currency notes, with the State Bank of India spending approximately Rs 12.8 crore on the recalibration of ATMs.
The RBI has announced that the exchange facility for Rs 2,000 bank notes up to Rs 20,000 at a time would be available from May 23.
Frequently Asked Questions
What is the last date for 2000 RS note?
The last date for 2000 RS notes is 7 October 2023. After this date, they will no longer be accepted as a valid form of currency.
Sources
- https://www.financialexpress.com/money/still-holding-rs-2000-notes-find-out-where-and-how-to-exchange-them-now-3661281/
- https://www.thehindu.com/business/Economy/No-electronic-chip-in-Rs.-2000-notes-RBI/article16440933.ece
- https://www.ndtvprofit.com/economy-finance/rbi-spent-nearly-rs-18000-crore-on-printing-rs-2000-notes-since-2016
- https://www.mid-day.com/news/india-news/article/breaking-rbi-to-withdraw-rs-2000-currency-notes-from-circulation-23287559
- https://www.centralbanking.com/central-banks/currency/banknotes/7958784/currency-round-up-india-withdraws-2000-rupee-note
Featured Images: pexels.com
