 "Rs 2000")
You can now send Rs 2000 banknotes via the post office to the RBI office for direct credit into your bank account. The latest facility to exchange Rs 2000 denomination banknotes comes days after the deadline to exchange/deposit them at bank branches on October 7.
The Reserve Bank of India on May 19, 2023, announced the withdrawal of the Rs 2000 banknotes from circulation. Initially, the option to deposit or exchange these notes was available at all bank branches in the country until September 30, 2023, and this deadline was later extended until October 7, 2023.
While the Rs 2000 banknotes continue to be legal tender, the facility for the exchange of these notes is only available at the 19 issue offices of the Reserve Bank.
According to the RBI press release dated November 1, 2023, “Further, members of the public from within the country can send Rs 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.”
How to send Rs 2000 banknote to RBI Issue office via post
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To send Rs 2000 banknotes through the India Post office to RBI issue offices, the RBI has specified an application format and requires the enclosure of certain valid documents with it.
Here are the officially valid documents (OVD) you can use:
- Aadhaar Card
- Driving License
- Voters ID Card
- Passport
- NREGA Card
- PAN Card
- Identity card issued by Government Department
You will need to include a copy of valid documents along with a copy of your bank account statement (the portion with account details) or the first page of your passbook (with account details) in the post.
Details of the bank account:
- Name of account holder
- Account number
- Type of account
- Bank name
- Branch name/address
- IFSC Code
Point to note: The RBI said that the amount will be credited to the bank account on the condition that the account is fully KYC compliant.
The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
You can check the address of the RBI issue office on the RBI website.
Why the latest facility?
While the option to send Rs 2000 notes through India Post was announced by the RBI on September 30, the format of the application was only recently provided on the RBI website.
The move came after several reports showed long queues outside the RBI offices. Further, reports also claimed that middlemen operating outside the RBI office in New Delhi are making money from people seeking to exchange the Rs 2000 notes, charging as much as Rs 400 per bill.
"We encourage customers to send Rs 2,000 notes through the insured post to the RBI for direct credit in their account in the most seamless and secure manner. This (will) save them from the hassle of travelling to specified branches and standing in queue," RBI Regional Director Rohit P Das told PTI on Thursday.
97% of banknotes returned
According to the RBI, the total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore as of 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 of the close of business on October 31, 2023. Thus, more than 97 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned.
