The Reserve Bank of India suddenly announced the withdrawal of Rs 2,000 notes from circulation. RBI has said that from May 23 to September 30, people should deposit Rs 2,000 notes in their bank accounts or get them exchanged in banks.
Apart from banks, people can also exchange Rs 2,000 notes at 19 regional offices of RBI. Apart from this, after KYC and other necessary rules, people will be able to deposit these notes in bank accounts without any hindrance.
However, it has not been clarified in the order that how much amount he will be able to deposit in his account. At the same time, account holders will be able to change notes ranging from Rs 2,000 to Rs 4,000 every day through the banking correspondent.
RBI has said that Rs 2,000 notes will be valid till September 30. However, the RBI did not clarify what would happen if people fail to deposit Rs 2,000 notes by September 30.