₹2,000 note exchange to begin today; banks gear up to manage rush
Banks across India will start accepting Rs 2,000 notes for exchange from today. The Reserve Bank of India (RBI) had announced to withdraw the Rs 2,000 note from circulation on May 19, giving the bank four days to prepare for the same.
The Rs 2,000 notes were issued in 2016 after the Central government announced the demonetisation of old Rs 500 and Rs 1,000 currency notes.
While the government introduced the Rs 500 note in a new design, the Rs 1,000 note was not reintroduced.
While there were speculations that the Rs 2,000 note will also be demonetised, the RBI has announced only the withdrawal of the currency notes from market circulation.
In preparations banks will have dedicated counters for the exchange of the high denomination notes, enough inventory to offer change and people to manage queues, officials told Hindustan Times. Though the banks are not expecting much rush as only 10 per cent of Rs 2,000 notes are in circulation.
The RBI had clarified that the exchange of Rs 2,000 notes will not require any slip or identity proof. However, some banks have said they would only allow the exchange and deposit of the denomination if people show their ID proof.