What changed
RBI issued a consolidated circular bringing together all previous instructions on the ₹2000 note withdrawal. The key operational change is that since October 9, 2023, exchange/deposit is available only at 19 RBI Issue Offices, not at bank branches. The notes continue to be legal tender.
What it means for you
Banks no longer handle ₹2000 note exchange/deposit for the public; that function is centralized at RBI offices. The consolidation simplifies compliance by providing a single reference document.
What you must do
- Update internal circulars and staff training materials to reference this consolidated instruction.
- Ensure branch staff know that ₹2000 notes remain legal tender and must be accepted for deposits and transactions.
- Direct customers seeking exchange/deposit of ₹2000 notes to the nearest RBI Issue Office from the list of 19 locations.
- Withdraw any outdated internal procedures that still reference bank-level exchange facilities.
Who it affects
All scheduled commercial banks, Bank branch staff handling cash transactions, Customers holding ₹2000 denomination notes
Are ₹2000 notes still legal tender?
Yes, the RBI circular confirms that ₹2000 denomination banknotes continue to be legal tender.
Where can customers exchange or deposit ₹2000 notes now?
Since October 9, 2023, exchange/deposit is available only at the 19 RBI Issue Offices listed in the circular. Bank branches no longer offer this facility.
Does this circular introduce any new rules?
No, it consolidates all previous instructions on the withdrawal of ₹2000 notes. No new policy changes are introduced.