Do you Rs 2000 notes with you? Exchange this till September 30, follow these steps

NEW DELHI: After the demonetization that came into effect in November 2016, the long queues that formed in front of banks across the country to exchange invalid notes are not something that the common man will soon forget.

Therefore, the news that RBI is going to withdraw Rs 2000 notes has caused unnecessary concern among many. But if we have a clear understanding of the current procedure, such situations can definitely be avoided.

As part of the withdrawal of Rs 2000 notes, the RBI has instructed to stop printing and distribution. At the same time, the Reserve Bank has also clarified that the notes currently in use will be valid till September 30.

A significant decline in the circulation of Rs 2,000 notes has been reported in recent years. It is estimated that only Rs 3.62 lakh crore worth of Rs 2000 bills are currently in use. Not even a single note of Rs 2000 was printed in the financial year 2019-20. Those that were in use were phased out. All these have led to a decrease in the number of Rs 2000 notes in use. However, those who are currently holding Rs 2000 should carefully understand the following points to exchange them.

• Rs 2000 notes held from May 23 can be exchanged.
• This facility will be available in 19 branches of RBI and other banks in the country.
• The notes held can be deposited in the bank account or exchanged
• There will also be a restriction on the value of convertible notes. RBI has also informed that only Rs 20,000 can be exchanged in one go.