RBI Enables Rs. 2000 Banknote Deposits via India Post & Release Deposit Application Format
The Reserve Bank of India (RBI) initiated a significant step in its withdrawal of Rs. 2000 denomination banknotes from circulation, aiming to streamline the process for the public. As of November 1, 2023, the RBI allows individuals and entities to send Rs. 2000 banknotes through India Post for deposit in their bank accounts. Additionally, the RBI has released a prescribed format for deposit applications, simplifying the procedure further.
RBI’s Withdrawal Announcement: The RBI first declared its decision to withdraw Rs. 2000 denomination banknotes via Press Release 2023-2024/257 on May 19, 2023.
Deposit/Exchange Facilities: Initially, individuals could deposit or exchange Rs. 2000 banknotes at all bank branches in the country up to September 30, 2023. This deadline was later extended to October 07, 2023.
RBI Issue Offices: Starting May 19, 2023, exchange services were made available at the 19 RBI Issue Offices. Since October 09, 2023, these offices not only facilitate exchanges across their counters but also accept ₹2000 banknotes for deposit into bank accounts.
India Post Integration: One of the noteworthy developments is that members of the public within India can now utilize India Post services to send ₹2000 banknotes to any of the RBI Issue Offices. This allows for convenient and efficient credit to their bank accounts in India.
Prescribed Format for Deposits: The RBI has introduced a specific format for Application for Credit of ₹2000 banknotes into bank account, ensuring that the process is standardized and straightforward.
Circulation Decline: The total value of Rs. 2000 banknotes in circulation has seen a significant reduction, decreasing from Rs. 3.56 lakh crore on May 19, 2023, when the withdrawal was announced, to Rs. 0.10 lakh crore by October 31, 2023. Over 97% of the Rs. 2000 banknotes in circulation on May 19, 2023, have been returned.
Convenient Access: The RBI emphasizes the continued availability of deposit/exchange services at the 19 Issue Offices, encouraging individuals to utilize India Post for this purpose. This eliminates the need for travel to RBI Offices and simplifies the process for the public.
Legal Tender Status: It is crucial to note that Rs. 2000 banknotes remain legal tender in India, despite the ongoing withdrawal process.
Conclusion: The RBI’s decision to allow India Post to accept ₹2000 banknotes for deposit into bank accounts marks a significant step in streamlining the withdrawal process. It provides a convenient and efficient option for the public to handle their ₹2000 notes, and the prescribed format ensures a standardized procedure. With over 97% of the ₹2000 banknotes returned, this transition continues to progress, while the legal tender status remains intact. Stay updated on these developments to make the most of the available options.
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Reserve Bank of India
Press Release: 2023-2024/1222 Date : Nov 01, 2023
Withdrawal of ₹2000 Denomination Banknotes – Status
The Reserve Bank of India (RBI) had announced the withdrawal of Rs. 2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of Rs. 2000 banknotes has been periodically published by the RBI.
2. The facility for deposit and / or exchange of the Rs. 2000 banknotes was available at all bank branches in the country initially upto September 30, 2023, which was later extended upto October 07, 2023.
3. The facility for exchange of the Rs. 2000 banknotes was also available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 from May 19, 2023. From October 09, 2023, RBI Issue Offices, in addition to exchanging Rs. 2000 denomination banknotes across the counters, are also accepting Rs. 2000 banknotes from individuals / entities for deposit to their bank accounts. Further, members of the public from within the country can send ₹2000 banknotes through India Post from any post office in the country, to any of the RBI Issue Offices for credit to their bank accounts in India. The format of application for credit into the bank account is enclosed.
4. The total value of Rs. 2000 banknotes in circulation, which amounted to Rs. 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs. 2000 banknotes was announced, has declined to Rs. 0.10 lakh crore as at the close of business on October 31, 2023. Thus, more than 97% of the Rs. 2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The window for deposit and / or exchange the Rs. 2000 banknotes continues to be available at the 19 Issue Offices of RBI. Members of the public are requested to avail the facility of sending the Rs. 2000 banknotes through post offices of India Post. This will obviate the need for travel to RBI Offices for deposit / exchange of the Rs. 2000 banknotes.
6. The Rs. 2000 banknotes continue to be legal tender.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1222
1 Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
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Application for Credit of Rs. 2000 banknotes into bank account
The Regional Director
Reserve Bank of India
———————— (Name of the Office)
Madam/Dear Sir,
Application for acceptance of Rs. 2000/- denomination banknotes
Please accept the notes as per the details for credit into my bank account:
| No. of pieces tendered | Value (₹) |
2. Personal details
| Name | Postal Address | Contact No. | OVD type and number No. |
Email Id, if available |
3. Details of the bank account wherein credit of the admissible amount is requested:
| Name of Account Holder |
Account Number |
Type of Account | Bank Name | Branch Name and address |
IFSC Code |
4. Undertaking:
i. I understand that the notes tendered by me, will be subjected to examination and in case, any counterfeit note / defective / mutilated / built up note/s is / are detected in my tender these will be processed / adjudicated as per laid down procedure and only the admissible value for the same will be payable to me.
ii. Value of the admissible amount will be credited to my account on the condition that the account is fully KYC compliant.
iii. In case of detection of counterfeit notes/s in my tender, the matter may be reported to the Police, in terms of existing statutory provisions in this regard.
iv. RBI will not be held liable if account details furnished by me are incorrect and / or account is not fully KYC compliant.
v. All the documents /declarations submitted by me are genuine and RBI can initiate action against me in case any of the above submissions are found to be false.
Yours faithfully,
(Signature with date)
(Name)
Encl:
i. Copy of OVD
ii. Copy of bank account statement (portion with account details) or First page (with account details) of Passbook
