The Reserve Bank of India (RBI) has introduced a new option for the public. Individuals can now send their Rs 2,000 banknotes to RBI’s regional offices via insured post, allowing for direct credit to their bank accounts. This initiative is particularly beneficial for those who cannot personally visit the RBI’s regional offices.
*Triple Lock Receptacle (TLR) Form for Deposit*
To streamline the process, the RBI has also introduced a Triple Lock Receptacle (TLR) form for the deposit of Rs 2,000 banknotes into bank accounts. This form simplifies the procedure for individuals looking to deposit these notes.
*Background of the Rs 2,000 Banknote*
The Rs 2,000 banknote was introduced in November 2016 under the RBI Act with the goal of rapidly meeting the currency requirements of the economy after the withdrawal of the legal tender status of Rs 500 and Rs 1,000 banknotes. However, with most of these notes issued before March 2017, they are approaching the end of their estimated lifespan of 4-5 years. Additionally, the Rs 2,000 denomination is not commonly used for transactions. As a result, the RBI decided to withdraw the Rs 2,000 denomination banknote from circulation, in line with its “Clean Note Policy.”
*Legal Tender Status of Rs 2,000 Banknotes*
It’s essential to note that the Rs 2,000 banknote will continue to maintain its legal tender status. Individuals can still use these banknotes for their transactions and receive them in payments.
*Recommended Actions for the Public*
While the Rs 2,000 banknotes can still be used for transactions, the RBI encourages the public to deposit and/or exchange these notes by September 30, 2023. Individuals can approach bank branches for these transactions, and the facility will be available at all banks until the mentioned date. Additionally, the exchange facility will also be accessible at the 19 Regional Offices of RBI with Issue Departments.
*Extension of Deposit/Exchange Facility*
The current facility for deposit/exchange of Rs 2,000 banknotes at bank branches has been extended by the RBI until October 7, 2023.
*Exchange After October 7, 2023*
If individuals cannot deposit/exchange Rs 2,000 banknotes by October 7, 2023, they can continue to exchange them at the 19 RBI Issue Offices. The limit for exchange at these offices is Rs 20,000 at a time. Individuals/entities can also tender Rs 2,000 banknotes at these offices for credit to their bank accounts in India, subject to relevant RBI/Government regulations, valid identity documents, and due diligence as deemed fit by the RBI.
This new option for sending Rs 2,000 banknotes for direct bank account credit, along with the extension of the deposit/exchange facility, aims to facilitate a smooth transition as these notes are phased out of circulation. It provides individuals with a convenient and secure way to manage their Rs 2,000 banknotes in line with the RBI’s Clean Note Policy.
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