In line with the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 notes from circulation, banks in the country will start accepting the notes for exchange and deposit from Tuesday.
Since the notes will continue to be legal tender till September 30, RBI Governor Shaktikanta Das on Monday said that there was no need to rush to exchange or return their Rs 2,000 notes.
The RBI has also arranged a facility for exchange at 19 of its regional offices. "We expect most of Rs 2,000 banknotes to come back to the exchequer by September 30. We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason to worry. We have sufficient stocks," Das said.
Though one can exchange only 10 notes at once (up to a limit of Rs 20,000 at a time at any bank), there is no limit on the deposit of the notes. However, large deposit transactions will require adherence to KYC guidelines. No requisition slip is required for transactions up to 10 currency notes.
Customers without bank accounts can also exchange/deposit Rs 2,000 banknotes with other denominations. "We have not come out with an additional procedure. You must be aware that there's an income tax rule if you deposit cash above Rs 50,000 then you have to produce your PAN. So existing rules will apply," said Das.
No identity proof is required to be submitted by the tenderer at the time of exchange. There will also be no fee for the exchange or deposit and individuals can avail of the exchange facility from May 23, 2023, and the window will be open till September 30, 2023.
Besides, the banks have arranged special provisions to ensure hassle-free exchange of notes. Besides sheds to protect the people coming to exchange or deposit notes from sunlight, drinking water will also be arranged for the people in the queue.
There is also a complaint redress system. "For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within 30 days after lodging the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the RBI said in a statement.
"The complainant can complain to the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in)," added the bank in its release.