Hyderabad: Ahead of the deadline for exchanging Rs 2000 denomination notes, people in Hyderabad are still uncertain about where to perform the exchange.
The Rs 2000 denomination notes can be exchanged or deposited at banks in Hyderabad until the last date, which is September 30.
Having an account in the bank is not mandatory for exchanging notes, and there is no need to submit any ID proof. However, there is a limit on the number of notes that can be exchanged at once. A maximum of Rs 20,000 can be exchanged per person per visit.
Those with accounts can also opt to deposit the notes. When depositing, there is no limit on the number of notes. However, for Jan Dhan accounts, the usual limits will apply.
Withdrawal of Rs 2000 notes
Even though the RBI had decided to withdraw Rs 2000 notes from circulation in May 2023, the printing of these notes had already stopped in the 2018-19 financial year.
By March 31, 2023, the total value of Rs 2000 notes in circulation had decreased from Rs 6.73 lakh crore to Rs 3.62 lakh crore, making up only 10.8 percent of the total notes in circulation.
Under the new RBI guidelines, banks can exchange Rs 2000 banknotes for up to Rs 20,000 per account holder, with a maximum of 10 notes per transaction.
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