RBI: The tension of changing Rs 2000 note is over, now this big facility will be available from the postal department.

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Rohit P., Regional Director, Reserve Bank of India, said that we encourage customers to send Rs 2,000 notes to RBI through insured post for direct deposit of funds in their accounts in the most convenient and secure manner. This will save them the hassles of traveling to designated branches and standing in queues.

Rohit P. said that both TLR and insured post options are very safe and there should be no fear in the mind of the public regarding these options. Delhi office alone has received around 700 TLR forms so far. He said that RBI is again including these two options in its communication in addition to the exchange facility at its offices.

On May 19, RBI had announced the withdrawal of Rs 2,000 denomination bank notes from circulation. People were given the facility to deposit these notes in banks and exchange them with notes of other denominations. According to RBI, in this way, till May 19, 2023, more than 97 percent of the total notes worth Rs 2,000 in circulation have now been returned.

The deadline for exchanging these notes or depositing them in bank accounts was earlier September 30. Later this deadline was extended till October 7. Both deposit and exchange services in bank branches were stopped on October 7.

Earlier, the bank had told that more than 97 percent of the notes of Rs 2,000 denomination have returned to the banking system and now only notes worth Rs 10,000 crore are left with the people. The total value of Rs 2,000 denomination notes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023. Now it has come down to Rs 10,000 crore on October 31, 2023.

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