The NRI Guides Team regularly reviews this article to ensure the content is up-to-date and accurate. The last editorial review and update were on 20 October 2023.
On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 notes from circulation, which has led to confusion among those holding these notes, particularly those outside India.
In this article, we will discuss how Non-Resident Indians: NRI can change Rs 2000 notes which they may have with them abroad.
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Recent Updates To Exchange of Rs 2000 Notes
08 OCTOBER 2023 UPDATE
As the extended deadline for exchanging Rs 2000 notes has come to an end on 7 October 2023, the following are the options as per the recent press release from the Reserve Bank of India (RBI).
Starting from October 8, 2023,
- You can’t deposit or exchange Rs 2000 banknotes at regular bank branches anymore.
- You can exchange Rs 2000 banknotes at the 19 RBI Issue Offices, but you can only do up to Rs 20,000 at a time.
- You can also deposit Rs 2000 banknotes at the RBI Issue Offices to credit the money into your Indian bank account, and there’s no specific limit on the amount you can deposit.
- If you’re in India, you can send Rs 2000 banknotes through India Post to the RBI Issue Offices, and they’ll credit the money to your bank account.
- Make sure to follow the rules set by the RBI and the government, and you’ll need to show proper identification. The RBI will conduct necessary checks.
- Courts, law enforcement agencies, government departments, or any public authority involved in investigations or enforcement can deposit or exchange Rs 2,000 banknotes at the RBI Issue Offices without any limit.
Deadline To Change Rs 2000 Notes
- The deadline to exchange or deposit Rs 2,000 notes at regular banks was initially September 30, 2023, but it was later extended to October 7, 2023.
- After October 8, 2023, you can still exchange or deposit Rs 2,000 banknotes at the 19 RBI Issue Offices until further notice.
According to the RBI, Rs 2,000 banknotes will continue to be legal tender, allowing consumers to use them for purchases.
This means that these notes won’t lose their value immediately, as happened during the demonetization in November 2016 when the high-value Rs 1,000 and Rs 500 notes were scrapped overnight.
What Can You Do With Rs 2,000 Notes
If you have Rs 2000 notes, you have three options:
1. Use the notes to purchase goods and services
As the notes remain legal tender, you can purchase goods and services with them, at least until September 2023.
2. Exchange Rs 2000 notes through RBI Issue Offices
From 8 October 2023, you can still exchange Rs 2,000 banknotes for banknotes of other denominations at any of the 19 RBI Issue Offices.
Note that you can only exchange up to Rs 20,000 worth of Rs 2,000 banknotes at the RBI offices.
3. Deposit the notes to your bank accounts
While the deadline to deposit Rs 2,000 banknotes directly at the banks has expired, you can still deposit them to your bank account through the 19 RBI Issue Offices. There is no limit to this amount. Upon depositing the notes, cash can be drawn from these deposits if needed.
RBI’s 19 regional offices (Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram) and other banks will accept Rs 2,000 notes for exchange with lower denomination notes.
The above facility for deposit/exchange of Rs 2000 banknotes at the 19 RBI Issue Offices shall be available till further advice.
Can Rs 2000 banknote be used for normal transactions?
Yes, Members of the public can continue to use Rs 2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes as soon as possible.
Is there any fee to be paid for the exchange facility?
No. The exchange facility shall be provided free of cost.
How NRI Can Change Rs 2000 Notes
After 7 October 2023, the following options are currently available to non-resident Indians (NRIs):
1. Take the notes with you to India
If you’re travelling to India, you can carry the currency notes with you and exchange or deposit them at a bank account through any of the 19 RBI offices upon your arrival.
2. Send the notes with someone else travelling
If you’re not travelling soon, you can consider sending the notes with friends or family members who are travelling soon. Be sure to check the rules regarding currency limits when travelling to India.
Limits On Deposit and Exchange of Rs 2000 Notes
- At the RBI office, you can change 10 banknotes of Rs 2,000 denomination at a time.
- This means you can exchange Rs 20,000 at a time.
- However, there is no limit on deposits to your bank account and you can deposit any amount in Rs 2,000 currency notes.
Can Rs 2000 banknotes be used for normal transactions?
Yes. Members of the public can continue to use Rs 2,000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes as soon as possible.
What will happen if one cannot deposit or exchange a Rs 2000 banknote immediately?
Currently, there is no deadline to deposit or exchange these notes. However, it is advised to do it as soon as possible.
What will be the last date for the exchange of Rs 2000 banknotes in RBI?
The facility for deposit exchange of Rs 2000 banknotes at the 19 RBI Issue Offices shall be available until further advice.
- Indian Customs Rules For Carrying Cash
- Indian Customs Duty-Free Allowance Guide
- Indian Customs Gold Allowance And Duty
- Indian Customs Rules & Duty On Electronic Items
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Aneesh, the Founder & Editor of DG Pixels, holds a Master’s Degree in Communication & Journalism, and has two decades of experience living in the Middle East. Since 2014, he and his team have been sharing helpful content on travel, visa rules, and expatriate affairs.