Reserve Bank of India (RBI) has announced withdrawal of Rs. 2000 note in India. The 131-day window to exchange Rs 2,000 rupee notes opened on Tuesday, May 23 till September 30, 2023.
Rs 2,000 currency notes continue to be legal tender for now, and the exchange window is more than double. There have been many queries, confusions and complaints regarding the exchange or deposit details required during the process.
Rs 2,000 note deposit in bank rules and Rs 2,000 note deposit limit:-
- Customers must carry PAN Card/Number for depositing Rs 2,000 notes for more than Rs 50,000 amount deposit in the account
- The RBI has said that banks will follow their own process and rules in case of an exchange of Rs 2,000 notes.
- However, it added that there is no limit on the amount of deposits that can be made in the bank account of a customer. The KYC norms will be applicable in case of deposits.
- It means the existing income tax requirement of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn Rs 2,000 notes.
Things to keep in mind when exchanging Rs 2,000 notes from a bank:-
- As per the RBI guidelines issued on Friday, a person can exchange up to a limit of Rs 20,000 at a time.
- State Bank of India, the country’s biggest bank, in an official memo to its branches that no form or identity proof would be required while exchanging or depositing Rs 2,000 notes.
- There were reports that initially some branches insisted on filling a form but later discontinued the practice after receiving instructions from their head office.
- Private banks like Kotak and HSBC said they are asking for form/ID Proof for non-account holders.
- Axis Bank, Standard Chartered, Yes Bank, Canara Bank and Bank of India said they are not mandating any form or ID proof.
- Bank of Baroda has said they don’t require any form but need ID proof for non-account holders.
- ICICI and HDFC have said they require all customers to fill out forms, but ID proof is needed only for non-account holders.
