Rs 2000 word withdrawn: The place and how will you deposit or alternate your notes? What are deposit restrict and alternate charges? When is the final date? — All queries answered

In a giant choice, the Reserve Financial institution Of India (RBI) introduced on Friday that Rs 2,000 forex notes will stop to be circulated. Nevertheless, the large choice on the Rs 2,000 forex word doesn’t imply that the Rs 2000 forex notes will stop to be legitimate tender. The central financial institution issued a notification clarifying what must be executed by the plenty who’ve the forex word with them.

1. Is Rs 2000 now unlawful? Can I transact with it?

The central financial institution has clarified that individuals can proceed to make use of Rs 2000 banknotes for his or her transactions and likewise obtain them in fee, because the word nonetheless has its authorized tender standing. 

2. The place to deposit Rs 2000 notes?

People have been suggested to deposit and/or alternate these banknotes in any industrial financial institution department on or earlier than September 30, 2023. “The alternate facility can even be obtainable on the 19 Regional Workplaces (ROs)  of RBI having Situation Departments till September 30, 2023,” the RBI talked about in its launch.

3. The right way to deposit of Rs 2000 banknotes?

RBI clarified in its notification that deposits into financial institution accounts may be made with out restrictions topic to compliance with the present Know Your Buyer (KYC) norms and different relevant statutory/regulatory necessities.

People can even attain out to banks with out having an account within the financial institution and proceed with the alternate course of, the RBI clarified. “A non-account holder can also alternate Rs 2000 banknotes as much as a restrict of Rs 20,000/- at a time at any financial institution department,” RBI talked about in its assertion. 

4) What are the alternate charges for depositing or exchanging Rs 2000 notes? 

There shall be no alternate price for a similar. People can avail of the alternate facility from Could 23, 2023, and the window shall be open until September 30, 2023.

5) What’s the restrict on the quantity for alternate? What number of Rs 2000 notes can I alternate?

RBI has set a restrict for the alternate of the notes, the general public can alternate Rs 2000 banknotes upto to a restrict of Rs 20,000/- at a time and that could possibly be executed by enterprise correspondents (BCs) as much as a restrict of Rs 4000/- per day for an account holder.

6) Are there any particular provisions for senior residents?

RBI has instructed to make preparations to scale back inconvenience to senior residents, individuals with disabilities, and so on., in search of to alternate/deposit. The central financial institution has additionally acknowledged that in case any particular person faces any problem through the deposit, they will additionally lodge complaints for a similar.

7) The place can I file a criticism concerning the deposit or alternate of Rs 2000 notes?

“For redress of grievance in case of deficiency of service, the complainant / aggrieved buyer could first strategy the involved financial institution. If the financial institution doesn’t reply inside a interval of 30 days after lodging of the criticism or if the complainant just isn’t happy with the response/decision given by the financial institution, 

The complainant can lodge the criticism underneath the Reserve Financial institution – Built-in Ombudsman Scheme (RB-IOS), 2021 on the Criticism Administration System portal of RBI (cms.rbi.org.in),” added the financial institution in its launch.