The Reserve Bank of India (RBI) in its latest move announced the withdrawal of Rs 2,000 denomination notes as a part of its Clean Note Policy. In a notification issued last week, the central bank said that it will no longer issue notes of the particular denomination, further giving a deadline to the public to get their Rs 2,000 notes exchanged or deposited at their respective bank branches. While this has prompted customers to visit banks to deposit or exchange their currency notes, it has also left many others confused about whether they can exchange their notes at their nearest post offices.
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In line with the RBI notification, the Department of Post has issued a statement stating that Rs 2,000 banknotes would no longer be accepted for exchange at post offices and other offices handling cash, however, customers will be allowed to make postal transactions with Rs 2,000 denomination notes.
“Members of the public should be advised to exchange notes in the banks. However, acceptance of Rs 2000 denomination banknotes should not be refused for any postal transaction in the offices/units,” it said. The department added that deposits of Rs 2,000 banknotes that completely comply with the applicable KYC requirements will be accepted in the usual manner, in line with the current policies in Post Office Savings Bank accounts.
The statement also noted that post offices will discontinue issuing Rs 2,000 bank notes just like banks.
Speaking of which, customers can now visit their banks for making deposits and exchange of Rs 2,000 notes and further visit post offices for making cash transactions with the same. However, the exchange policy would be only available at banks.
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RBI withdraws Rs 2,000 denomination notes
In a statement issued last week, the Reserve Bank of India announced that it will withdraw Rs 2,000 notes from circulation in pursuance of its Clean Note Policy. While the notes will continue to remain legal tender, customers will be required to deposit or exchange their Rs 2,000 notes at banks within 30 September 2023.
The central bank has also instructed all public and private sector banks to stop issuing the notes of the mentioned denomination with immediate effect.
