SB ORDER 11/2023 : Rs. 2000 Denomination Banknotes - Withdrawal from Circulation
In a recent press release, the Reserve Bank of India (RBI) has announced the withdrawal of the 2000 denomination banknotes from circulation as part of its 'Clean Note Policy.' While the 2000 rupee notes will remain legal tender, certain guidelines have been issued to ensure a smooth transition and minimize disruptions for the public. In this blog post, we will provide you with a summary of the instructions and their implications.
Key Instructions:
1. Exchange in Banks:
The 2000 denomination banknotes will no longer be accepted for exchange in post offices and other cash-handling offices. The public is advised to visit banks for exchanging these notes. However, it's important to note that post offices and units should still accept 2000 rupee notes for any postal transaction.
2. Deposit in Post Office Savings Bank Accounts:
Post Office Savings Bank accounts that comply with the applicable Know Your Customer (KYC) norms can continue to accept deposits of 2000 denomination banknotes without any restrictions, following the usual procedures and guidelines.
3. Discontinuation of Issue:
All post offices and units are instructed to discontinue issuing 2000 rupee banknotes. This means that the circulation of these notes will gradually cease.
4. ATM Cash Replenishment:
ATMs should not be replenished with 2000 denomination banknotes. If any ATMs contain 2000 rupee notes, they should be replaced with banknotes of other denominations to ensure that the 2000 rupee notes are not disbursed from ATMs.
5. Daily Remittance to Banks:
Post offices and units are required to remit 2000 denomination banknotes to banks on a daily basis. This measure ensures that there is no stock of 2000 rupee notes in post offices and other units/offices.
The RBI's decision to withdraw 2000 rupee banknotes from circulation is part of its ongoing efforts to maintain the integrity and cleanliness of the currency. While these banknotes remain legal tender, post offices and other units/offices will no longer accept them for exchange. The public is encouraged to visit banks for exchanging these notes. Additionally, guidelines have been provided for depositing these banknotes in Post Office Savings Bank accounts and managing their availability in ATMs. The RBI aims to conduct this exercise smoothly and without causing inconvenience to the public.
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