Still have Rs 2000 notes? Send them to RBI via insured post for direct credit to bank account
Individuals can now send these notes to RBI's regional offices through insured post, allowing for direct credit to their bank accounts. This initiative offers convenience to those who cannot personally visit RBI offices. To streamline the process, RBI has introduced the Triple Lock Receptacle (TLR) form for depositing Rs 2,000 banknotes.
The Reserve Bank of India (RBI) has introduced a convenient and secure option for the public concerning the Rs 2,000 banknotes. Individuals now have the opportunity to send their Rs 2,000 banknotes to RBI's regional offices via insured post. This innovative approach allows for direct credit to their bank accounts, catering to the needs of those who may find it challenging to personally visit RBI's regional offices.
To further simplify the process, the RBI has introduced the Triple Lock Receptacle (TLR) form for depositing Rs 2,000 banknotes into bank accounts. This form streamlines the procedure, making it more accessible for individuals seeking to deposit these notes.
The Rs 2,000 banknote was initially introduced in November 2016 under the RBI Act to address the urgent currency requirements of the economy following the demonetization of Rs 500 and Rs 1,000 banknotes. However, as most of these notes were issued before March 2017, they are now nearing the end of their estimated lifespan, which is typically 4-5 years. Moreover, the Rs 2,000 denomination is not commonly used in everyday transactions. Therefore, in alignment with its "Clean Note Policy," the RBI decided to withdraw the Rs 2,000 denomination banknote from circulation.
The RBI encouraged individuals to deposit and/or exchange these notes by September 30, 2023. This was done at bank branches, with all banks offering this facility until the mentioned date. The exchange service will also be available at the 19 Regional Offices of RBI with Issue Departments. Additionally, the RBI extended the facility for deposit/exchange of Rs 2,000 banknotes at bank branches until October 7, 2023. Beyond this date, individuals who still hold these notes can continue to exchange them at the 19 RBI Issue Offices. The exchange limit at these offices is set at Rs 20,000 per transaction. Moreover, individuals and entities can tender Rs 2,000 banknotes at these offices for credit to their bank accounts in India, subject to relevant RBI/Government regulations, valid identity documents, and compliance with due diligence procedures established by the RBI.
This multi-faceted approach aims to facilitate a seamless transition as Rs 2,000 banknotes are phased out of circulation, offering individuals a convenient and secure method to manage these banknotes, in line with the RBI's Clean Note Policy.