Exchange Process of High Denomination Indian Currency Note (₹ 2,000) Started Today

After the announcement from the Reserve Bank of India (RBI), for the withdrawal of Rs 2,000 banknotes from circulation the exchange process has started today.

“In accordance with the RBI’s ‘Clean note policy’, the decision to withdraw the Rs 2,000 banknotes has been made,” RBI said in a press release on Friday evening.

“The objective of introducing ₹ 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of ₹ 2000 banknotes was stopped in 2018- 19,” the RBI said in a statement.

“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹ 2,000 banknotes into banknotes of other denominations can be made up to a limit of ₹ 20,000 at a time at any bank starting from May 23, 2023,” the RBI said.

BJP leader Sushil Kumar Modi said that the RBI decision is a “second surgical strike on black money”.

Things you should know about exchanging process of ₹2,000 notes:

  1. You can deposit or exchange up to ₹ 20,000 at a time till September 30, 2023, without any requisition slip.
  2. You need to fulfill KYC guidelines for depositing a larger amount.
  3. There are no documents required for below Rs 50,000 deposits. You have to produce PAN for depositing cash above Rs. 50,000.
  4. Banks will provide sheds and water facilities for the public standing in a queue.

Twitter was flooded with memes and personal thoughts about this decision.

Some supported the actions from RBI:

Opposition Party slammed the decision:

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