Rs 2,000 note exchange begins today

SBI issued a guideline to all its branches that ID proof or a requisition slip won’t be needed for exchanging the Rs 2,000 notes.

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After the Reserve Bank of India (RBI) declared to withdraw the Rs. 2,000 notes from circulation on May 23, banks across India will start accepting the high-value notes today, May 23.

The deadline was set by RBI Governor Shaktikanta Das to ensure that people take the process seriously and that it does not become interminable.

Today, the State Bank of India issued a guideline to all its branches that ID proof or a requisition slip won’t be needed for exchanging the Rs 2,000 notes. Further, the guidelines added that Rs 2,000 notes up to a value of Rs 20,000 can be deposited or exchanged at a time. A person has to stand in a queue, and they can keep coming back and standing in the same queue after exchanging the money, they said.

There are no restrictions on standing in the queue after exchanging or depositing the notes once.

It is not necessary for a person to be a customer of that particular bank to exchange Rs. 2000. A non-account holder can also exchange the banknotes up to a limit at any bank branch.

The Reserve Bank of India clarified that there is no fee to avail of the exchange facility. Further, banks have been told to make plans to diminish the burden for senior citizens and people with disabilities who wish to exchange or depost Rs. 2,000 banknotes.

According to the sources, if needed, the RBI may extend the deadline to September 30, but even if anyone has a Rs. 2,000 note after the current deadline, it will remain a valid tender.

“About 89 per cent of the Rs. 2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years. The total value of these banknotes in circulation declined from Rs. 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs. 3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023,” the RBI said.


According to the central bank, transactions with this note are uncommon. In 2013 and 2014, the RBI carried out a similar action to remove notes from circulation.

Also Read: Rs 2000 Will Continue To Be Legal Tender, No Need To Rush To The Banks: RBI

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