According to the announcement made by the Reserve Bank of India (RBI) three days ago, the process of exchanging Rs 2000 notes has started in all the banks of the country from today Tuesday. Due to this, customers will be able to exchange their 2 thousand notes in the bank or deposit it in their account till September 30.
According to the information provided by the Reserve Bank of India, the legal tender of Rs 2000 notes will continue even after September 30. Similarly, customers can exchange only 10 notes of Rs 2000 worth Rs 20,000 at a time. But there will be no limit to deposit these notes in your account.
Meanwhile, RBI Governor Shaktikanta Das in a press conference held in New Delhi yesterday on Monday said that the process of replacing the 2000 notes will start from Tuesday 23rd May and a long period of 4 months has been given to replace the notes. Therefore, citizens are advised not to rush unnecessarily to banks to deposit or exchange Rs 2000 notes.
The Reserve Bank is sensitive to the difficulties faced by citizens and will frame regulations if necessary. Similarly, for the convenience of the citizens, banks have been advised to make all necessary arrangements like sun protection, drinking water facility etc. Submission of PAN is mandatory for cash deposits of Rs 50,000 or more in bank accounts.
This rule will also be applicable for deposits through Rs 2000 notes. Sufficient currency notes in other currencies are available in the economy. Therefore, RBI Governor Shaktikanta Das also clarified that there is no reason for citizens to worry.
