2000 Note Bandi simple Solutions. How to exchange legally?
Here is the FAQ shared by RBI:*1. Why was the Rs 2,000 notewithdrawn?* The RsRs2,000 banknote was launched in November 2016 pursuantto Section 24(1) of theReserveBankofIndia Act, 1934, with the aimofmeeting the financialneeds of the businessquickly.periodwaswithdrawnfrom the legal tender withinthescope of thelaw.Withthisgoalachieved and thesufficientvolume of other notes, printing of Rs 2,000 notes was discontinued in 2018-19. Most of the Rs 2,000 notes were issued before March 2017 and are expectedtoreach the end of their 4-5 yearlifespan.It was also determined that this distributionwas not used for commercialpurposes.Inaddition, the stock of papermoney in other nameswill be sufficient to meet the needs of the people.Basedon the foregoing and in accordancewith the RBI'sCleanBondPolicy, it has been decided to withdraw the Rs 2,000notes from circulation. *2. What is theTaxAdministrationLaw?*This is a policy adopted by the RBI to ensure quality papermoneyisprinted to the public. *3.Is the auction of Rs 2,000 banknotes legal?*Yes, the Rs 2,000 note will continue to remainin tender status. *4.Can the Rs 2,000 note be used for normal business?*Yes, citizens can continue to use Rs 2000 banknotes for both transactions and payments. However, werecommendthat they deposit and/or amortize these securities on or before September 30, 2023. *5. What should citizens do with their Rs 2,000 banknotes?*Peoplecangoto bank branches to deposit and/or exchange their Rs 2,000 banknotes.Allbankswill deposit and exchange Rs 2,000 notesby30 September 2023. RBI's 19 Regional Offices (ROs) willalsoprovideforeignexchangeservices. *6. Is there a deposit limit of Rs 2,000 writtentothebank?*canbedeposited into bank accounts without restrictions subject to existing Know Your Customer (KYC) and other legal/regulatory requirements. *7. Is there a limit touse Rs 2,000 banknotes?*2,000notesexchangedbycitizens up to Rs. 20,000 at a time. *8.Isitpossibletoexchange Rs 2,000 banknotes via Business Exchange(BC)?*Yes, banknotes of Rs 2,000 can be transferredbycorrespondentsupto a daily limit of Rs 4,000 for account holders. *9. From what date can the exchange office be used?*ThepublicisrequestedtocontactRBIbranchesorROsfrom23May2023toallow time for banks to make arrangements.*DoIhave to be a customer of the bank to cashacheckofRs2,000atits10thBranch?*No.Non-accountholderscanalso exchange Rs 2,000 banknotes atanybank up to a limit of Rs20,000 at a time.*11. *No, the exchange should be free. *13.Elderly,disabled,etc. Will there be special arrangements for redemption and deposit?*banks have been asked to make arrangements to reduce inconvenience to senior citizensandotherswishing to exchange/deposit Rs 2,000 notes.*14. What if I cannot deposit/transfertheRs2000notesimmediately?*Morethanfourmonthshavebeengiventodepositand/orexchangeRs2,000notesto make the whole process smooth and easy for the public.Forthisreason, the publicis encouraged to use this facility comfortably within the specifiedperiod. *15.What if the bank refuses to exchange/accept a deposit of Rs2,000?*Complainant/victimcanfirstcontact the financialinstitutiontoappealif the serviceisinsufficient. If the bank does not respond within 30 days offiling the complaint, or if the complainant is not satisfied with the response/resolution, the complainant can filea complaint under the RBI's Reserve Bank Integrated Ombudsman Program (RB-IOS), 2021 on the complaintsmanagementportal.