Banks gear up as the exchange process for Rs 2000 notes starts today

According to the guidelines issued by the Reserve Bank of India, the currency note of Rs 2000 can be exchanged at any nearest branch. Banks will have dedicated counters, where people can manage queues and enough inventory of lower denomination bank notes. However, some banks have said that they will deposit the money into the account, only if the person is having identity proof.

On Monday, while addressing a press conference, Shaktikanta Das, the governor of the Reserve Bank of India, urged the people to not create panic as the last date to deposit or exchange the currency note is September 30. 

According to officials, banks in numerous states have enlisted the assistance of the local police to control lines during periods of high demand. Banks have issued warnings against attempting to deposit or exchange bogus 2,000 notes, stating that offenders would face legal action from the authorities. As per sources, in most of the states, banks have sought the help of police to regulate queues in case of heavy rush. Banks have also cautioned people against the deposit of fake notes and said that strict action will be taken against those who try to attempt to.

Banks are not anticipating a significant rush because only 10 percent of the Rs 2,000 note supply is in use. Up to Rs 20,000 can be exchanged for notes of various denominations when exchanging Rs 2000 banknotes at any bank.

Notably, the Reserve Bank of India said on Friday that it would stop printing the Rs. 2000 currency note but stressed that it would keep them in circulation as legal money. Additionally, the RBI has instructed banks to immediately stop printing banknotes having a value of Rs 2000.