Question 1

When can people start exchanging currency?

Accepted Answer

The RBI stated that people could approach banks and branches to deposit or exchange their 2000 rupee notes from 23rd May 2023. Also, the last date to process this exchange will be the 30th of September, 2023.

Question 2

What are the Charges Applicable for Exchange?

Accepted Answer

The exchange note facility is available free of cost to all Indian citizens.

Question 3

Exchange Facility for Non-Account Holders?

Accepted Answer

RBI has stated that non-account holders can exchange the currency up to 20000/- rupees at any nearby branch or bank.

Question 4

How does the Rs 2,000 note fall under the Clean Note Policy?

Accepted Answer

Introduced in November 2016, RBI had already stopped printing these 2000 rupee notes by 2018-19. This was for less than three years after the introduction of the currency. The circulation value is nearly halved for 2000 rupee notes. As of March 31, 2023, the amount has dropped from Rs 6.73 trillion in 2018 to Rs 3.62 trillion. The ample supply of other denominations meets the currency requirements of the country. 2000 rupee notes aren't used commonly for daily transactions, though they were introduced to rapidly exchange cash during demonetization. Thus, they fall under the clean note policy.

Tag: Demonetization

May 29, 2023

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