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.
Table of Contents
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.
(1) Reserve Bank of India Press Release – 19 May 2023
(2) RBI FAQ
(3) Reserve Bank of India Press Release – 30 Sep 2023
Related Articles:
- 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.
I have 4 notes and can send them back to India with someone but not until end of October. What are the options for them to exchange Rs 2000 notes after 16th October?
I have 2 notes of INR ₹ 2000/- in my visit to australia. No one exchange house accepting it here. I am returning after 6 months on 6th october night 2023. how can I convert it at IGI Airport.
Deadline is extended till October 7, 2023 at all commercial banks, post deadline, you may visit any RBI center to exchange your notes.
SBI VANCOUVER CANADA IS NOT READY TO EXCHANGE OR DEPOSITE RS 2000/-CURRENCY NOTES IN CANADA.
India is the worst country with worst policies. Just creates unnecessary trouble for us, for no good reason.
– Why was there a need to publish 2000 notes in the first place ?
– We have to wait for long GC lines abroad due to population issue.
– SO many quotes reservations in own country India, thats why general category people try to move abroad. This country wont even allow us to live abroad in peace.
i am coming in feb. 2024 India .what should i do.
This is a nothing article. Useless. Have some journalistic integrity at least.
I cannot travel to India before the deadline of 30 September, do not have any local Bank of Money Changer who is prepared to accept the Rs2 000. Will the deadline be extended beyond 30 September for NRIs? I may be able to get to India by December 25.
I can come to india by the end of october 2023. can i then deposit the
2000 rupee note inmy account
No banks, money exchanges are accepting indian rupees, its really frustrating
I am facing the same issue. Did you get any solution?
जो लोग USA में है वो २०००के नोट बदलने के लिए किस बैंक में जायें मेरा मार्गदर्शन करें मेरा ईमेल id
Banks abroad do not accept Rs 2000 notes.
i live in Toronto, i tried scotia back, SBI Canada and ICICI bank and was unable to exchange Rs 2000 bills
The worst Modi govt. we are dealing with. Really Frustrating.
No bank is ready to do the exchange. No other country is as worst as India.
I went to Chase Bank, PNC, AAA, Credit Union etc. in the USA last week, they all refused to exchange Indian currency according to their new policy. Federal Reserve Bank also doesn’t want to take it. What can I do now, kindly suggest some practical advice.
Thanks.
How much money should to exchange sir
If you need I will exchange your all 2000 notes
Sir, I always keep some cash in my personal locker in India for immediate expenses when I arrive in India. I don’t even remember how much I left last time are in 2000 notes. Can NRIs get a special extension until they return to India first time after the announcement?
Dear sir,
I am from Sydney Australia and I am left with some 2000 rupee notes from my trip to India. No one, I repeat No ONE in Sydney accepts these notes. India promotes tourism but does not help tourists in such circumstance.
Very disappointed. HELP!!!!!
I wrote to RBI and FM requesting them to help and to extend the date for people living abroad till they visit India. But no reply
While coming to London on 27th April 2023 from Kolkata, I carried 4 Nos. of INR 2000 Notes in person. I shall return to Kolkata on 6th October when changing of these Notes would not be possible.
Please intimate me how to change INR 2000 Notes while in London.
I have 7 notes of Re. 2000 each. I live in Montreal and will travel to India in the first week of December 2023. How can I change these notes?
I live in spain & want to exchange notes rs 2000
I have 15 notes. Took it to exchange centre but they hVe refused to exchange them
How & where I can exchange them please
Thanks
I have deposit 2000 note in city bank VA before 3 days they deposit note but say to me don’t withdraw aganist deposit some time they say we have no information about 2000 notes
ICICI Canada and SBI Canada, which are Indian-based banks, are also not accepting 2000 or any INR notes, and other Canadian banks are not accepting them. Why RBI can not work with Indian-origin banks to provide services to NRI, PIO or OCI people in converting or depositing their Indian account. (so they get sure that the transaction is clear and not suspicious. Please pass the complaint to RBI India Finance Ministry to work out this so NRI do not lose their hard-earned money. One side claim is that INR is becoming global, and many countries’ businesses are accepting INR. But the fact is no business and no banks, including so-called Indian banks like SBI, ICICI accepting INR.
I agree. I have been struggling , since the news came in about Rs. 2000 currency notes. I checked with icici and they said a flat No.
I have written to RBI as well, but no response. Every time Nri citizens face problems, and our own fellow brothers and sisters think we are earning easy money. So wrong they are.
We went to ICICI bank in Toronto and they said No – so what do we do ?