A series of MythBusters posted by MyGovIndia, the official citizen engagement platform of the Government of India, on Sunday (May 21) said that Rs 2000 notes will continue to be legal tender even after September 30, 2023. “Your currency remains valid, so keep calm and let’s bust the panic,” it tweeted.
The exchange of Rs 2000 notes with banknotes of small denominations, can be done in any bank till September 30.
“No need to panic or rush to exchange them. Any bank, regardless of account ownership, is authorized to exchange ₹2,000 currency notes for smaller denominations,” MyGovIndia tweeted.
Free exchange
There is no fee for the exchange of Rs 2000 notes in any bank. “As we embrace this change, it is important to note that the exchange of notes shall be provided free of cost!,” MyGov India tweeted.
Also Read: How to deposit or exchange Rs 2000 currency notes till September 30
As per RBI, people can approach the bank branches or Regional Offices (ROs) of RBI from May 23, 2023 for availing exchange facility. A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.
Moreover, deposits into accounts can be made without restrictions. “The Rs 2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits,” RBI said.
What if you fail to deposit Rs 2000 immediately?
The RBI said a period of four months has been given for the deposit and/or exchange of Rs 2000 banknotes. “Members of the public, are therefore, encouraged to avail this facility at their convenience within the allotted time,” it said.
