With the Reserve Bank of India withdrawing 2,000 notes from circulation, you now have till September 30 to deposit them into your accounts and/or exchange them at your local bank.
There is no need to be concerned if you find yourself unsure on how to proceed. The Reserve Bank of India has issued a FAQ that answers all of your queries about the 2,000 notes you now possess.
How much notes can be exchanged?
As per the RBI, the ₹2,000 note will continue to be a legal tender. It means that the people can continue to use them for their transactions and receive them in payment. But they have been encouraged to deposit and/or exchange these currency notes before September 30 this year.
The people can exchange ₹2,000 bank notes up to a limit of ₹20,000 at a time. They can also deposit these notes into their account subject to KYC norms. These notes can be exchanged through business correspondents up to a limit of ₹4000/- per day for an account holder.
The RBI has urged people to approach the bank branches from May 23 for exchanging their ₹2,000 bank notes. This is being done to give more time to banks to prepare for the bank exchange process.