The Reserve Bank of India (RBI) today announced that Rs 2,000 currency notes are being withdrawn from circulation.
The window to exchange Rs 2,000 notes will open on May 23, since the RBI wants to give banks time to make preparatory arrangements. The facility to exchange Rs 2,000 notes will also be available at 19 regional offices of RBI.
There is a cap on the amount of Rs 2,000 bank notes that can be exchanged. As per the RBI release, people can exchange up to a limit of Rs 20,000 at a time. They can also approach a Business Correspondent (BC), an extended arm of a bank branch who provides financial and banking services in unbanked and underbanked areas. The limit in this case is Rs 4,000 per day.
The RBI clarified that people don’t have to pay any fee to avail the exchange facility.
