Circular no. RBI/2023-24/32 DCM(Plg) No.S-236/10.27.00/2023-24; … Continue reading “RBI Releases Circular on Rs. 2000 Banknotes Withdrawal”
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Circular no. RBI/2023-24/32 DCM(Plg) No.S-236/10.27.00/2023-24; dated: 19.05.2023
RBI has released circular prescribing guidelines for bankers, regarding the withdrawal of Rs 2000 currency notes from circulation. As per the guidelines, all banks are required to discontinue the issuance of Rs 2000 denomination banknotes with immediate effect.
Banks holding Currency Chests (CCs) must ensure that no withdrawal of Rs 2000 denomination is allowed from the CCs. All the balances held in the CCs shall be classified as unfit and kept ready for dispatch to the respective RBI offices.
Further, all banknotes in this denomination received by the banks should be sorted immediately through Note Sorting Machines (NSMs) for accuracy and genuineness and deposited in the currency chests under the Linkage Scheme or kept ready for dispatch to the nearest Issue Office of RBI.
The facility for exchanging notes shall be available for members of the public up to September 30, 2023. Business Correspondents (BCs) may be allowed to exchange Rs 2000 banknotes up to a limit of Rs 4000 per day for an account holder. For this purpose, banks may, at their discretion, enhance the cash holding limits of BCs. Also, CC holding branches should extend the required support to the linked / non-linked branches in accepting ?2000 notes and distributing banknotes in other denominations. In case of any difficulty in obtaining cash, banks may contact the concerned Issue Office of RBI.
The banks should make special arrangements, to the extent feasible, to reduce inconvenience for senior citizens, persons with disabilities and women seeking to exchange/deposit Rs 2000 notes.
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