Rs 2,000 notes can be exchanged from post office too: RBI

Pune Pulse

Rs 2,000 notes can be exchanged from post office too: RBI

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According to the Reserve Bank of India (RBI), Rs 2000 notes can be exchanged at post offices as well. People are reportedly in line to return the Rs 2,000 notes at the RBI offices.

The Reserve Bank of India (RBI) stated in a series of Frequently Asked Questions (FAQS) on its website that notes can be sent from any post office to any of its 19 issue offices.

It stated that individuals must complete an online application form and mail the notes to an RBI issue office using any India Post location.

The decision to remove the Rs 2,000 notes—which were first introduced following the 2016 demonetization exercise—was declared by the top bank in May of last year.

The RBI had stated that the decision to remove the Rs 2,000 notes was made because the majority of them had outlived their anticipated useful life and were not being utilized by the general public for transactions.

As of right now, more than 97.38% of the Rs 2,000 notes that were in circulation in May 2023 have been returned. The RBI has made available several additional channels through which the notes can be exchanged or deposited in addition to bank counters.

According to the FAQ, a person can exchange or deposit notes up to a maximum of Rs 20,000 at a time across the 19 issue offices in addition to the post-office based services.