2000 note ban: There is no need to go to the bank to exchange the 2000 notes

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2000 note ban: There is no need to go to the bank to exchange the 2000 notes

2000 note ban: There is no need to go to the bank to exchange the 2000 notes

By September 30, 2000 rupee notes must be exchanged, 2000 notes demonstrating

The Reserve Bank of India (RBI) has decided to discontinue issuing the Rs 2000 note. That is, these notes will no longer be in circulation, and you will no longer be able to see Rs 2000 notes from a bank or ATM. The RBI provided this information in a press release issued on May 19th. The 2000 note will remain legal tender for the time being.

However, the RBI has requested that 2000 notes be deposited in the bank by September 30. According to RBI regulations, you cannot exchange more than ten notes at once. That is, the total amount cannot exceed 20,000 in a single transaction. However, according to a report in Aaj Tak, these notes can be exchanged somewhere other than the bank. This location is known as the Business Correspondents Centre.

2000 note ban: There is no need to go to the bank to exchange the 2000 notes

What exactly is a Business Correspondent Centre?

These facilities are typically located in rural and urban areas. The Reserve Bank of India approved the use of non-bank intermediaries such as business correspondents or business facilitators in 2006. The Reserve Bank’s goal with this decision was to broaden the scope of banking and financial services. Business Correspondents function similarly to bank tellers. They assist people in rural areas in opening bank accounts. Smaller transactions are also carried out there.

However, there is a snag here as well. When you go to the bank, you can deposit or exchange up to 10,000 rupees. At the same time, you will only be able to exchange 2 notes from the Business Correspondent Centre per day. One more thing should be mentioned here. You must have a bank account to exchange notes with Business Correspondent. At the same time, you do not need a bank account to exchange money from a bank.

2000 note ban: There is no need to go to the bank to exchange the 2000 notes

When did these notes become available?

On November 8, 2016, the Modi government at the Centre abruptly demonetised Rs 500 and Rs 1000 notes. He claims that this will put an end to the flow of black money and terrorist funding. In exchange for the old notes, new 500 and 2000 rupee notes were brought. For a long time, it was reported that the 2000 notes would not be printed.

2000 note ban: There is no need to go to the bank to exchange the 2000 notes

Where else can you change the notes?

Aside from that, notes can be exchanged at the RBI’s 19 regional branches. The Reserve Bank of India has 31 regional offices spread across the country, but Rs 2000 notes are issued in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, and New Delhi. Only in Delhi, Patna, and Thiruvananthapuram can it be changed. The Reserve Bank of India has instructed banks to stop issuing Rs 2000 notes immediately. This means that banks will no longer issue new 2000 notes to customers.

An RTI request last year (November 2022) revealed that the RBI had not printed Rs 2,000 notes in more than two years. According to the Economic Times, the Reserve Bank of India note printing revealed in response to RTI that in the fiscal year 2016-17, notes worth Rs 354 crore of Rs 2 thousand were printed. The printing then decreased dramatically. The following year, only 11 crore rupees were printed, and the following year, 2018-19, only 4.5 crore rupees were printed. Following this, the printing of the 2000 note ban.


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2000 note ban: There is no need to go to the bank to exchange the 2000 notes

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