Rs 2,000 note exchange starts today: Following the Reserve Bank of India’s announcement to withdraw the Rs 2,000 note from circulation, banks across India have started accepting Rs 2,000 notes for exchange from today. Sources in private lender ICICI Bank said that non-customers (those who don’t have an account with the bank) would be asked for ID proof to exchange Rs 2,000 notes.
An ICICI Bank official at the Connaught Place branch in Delhi told India Today that customers of the ICICI bank need not submit ID proofs or any details for exchange of the notes. However, non-ICICI customers will have to submit ID proof details along with the form for note exchange as the bank will have to submit transaction details with the Reserve Bank of India (RBI), the official said.
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He added that customers can exchange a maximum of Rs 20,000 at a time. But that exercise can be repeated multiple times in a day by both ICICI customers and non-bank customers.
However, the transactions will be under scrutiny of the bank officials and any suspicious activities will be reported to the central bank.
Earlier, the RBI said that for depositing Rs 2,000 notes, customers can go to their bank and submit the money in their own accounts. There is no deposit limit but general KYC and other existing statutory norms for cash deposit will apply.
“Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements,” the RBI said.
The RBI has clarified that unlike the November 2016 demonetisation, when old Rs 500 and Rs 1,000 notes were phased out overnight, the Rs 2,000 notes will, however, continue to be legal tender.
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HDFC Bank has said that customers can deposit any number of Rs 2,000 banknotes into their accounts from May 23, 2023, till September 30, 2023. Customers can exchange Rs 2,000 with a daily limit of Rs 20,000 from today.
“Your trust and convenience are paramount to us at HDFC Bank. We want to update you on the Rs 2,000 banknotes issued by the RBI,” HDFC Bank said in emails sent to its customers.
The bank also asked the customers to note the following:
> The Rs 2,000 notes will remain legal tender. Customers can use it for all their transactions and receive it as a form of payment.
> Customers can conveniently deposit any quantity of Rs 2,000 banknotes into their HDFC Bank account at any branch until September 30, 2023.
> The bank will be offering a hassle-free exchange service at any HDFC Bank branch from May 23, 2023, onwards until September 30, 2023, allowing the customers to get their Rs 2,000 banknotes exchanged for lower denomination currency notes with a limit of Rs 20,000 at a time at any HDFC Bank branch.
Here’s a quick guide on the exchange of Rs 2,000 notes
> Is there any fee for Rs 2,000 exchange?
As per RBI, the exchange facility will be provided free of cost.
> Where can Rs 2,000 notes be exchanged?
According to RBI, the notes can be exchanged for lower denomination currency notes at banks.
Besides, the facility for exchange will also be available at the 19 Regional Offices (ROs) of RBI having issue departments until September 30, 2023.
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> How the exchange can be done?
Customers can visit the nearest branch of a bank and provide account details.
As per RBI’s guidelines, even customers without bank accounts can exchange/deposit Rs 2,000 banknotes with other denominations.
Banks will then provide the request slip, which must be filled by the customer.
This will require basic details such as the ‘Tenderer’ name and information on the denomination such as the number of pieces and value. The customers will also have to mention the place and date of exchange.
Following this, the customers are required to sign and submit the form along with Rs 2000 notes.
> Is there any limit on the exchange and deposit of Rs 2,000 notes?
Deposits can be made without restrictions. The RBI has said that customers and even non-customers can exchange Rs 2,000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank.
> Can Rs 2,000 banknotes be exchanged through Business Correspondents (BCs)?
Yes, the exchange of Rs 2,000 banknotes can be made through BCs up to a limit of Rs 4,000 per day for an account holder.
Is it necessary to be a customer of the bank to exchange Rs 2,000 banknotes from its branches?
A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
> Is there any fee to be paid for the exchange facility?
No, the exchange facility shall be provided free of cost.
