Post offices can now exchange Rs 2,000 notes, according to a statement from the Reserve Bank of India (RBI). To return the Rs 2,000 notes, people are reportedly standing in line at RBI offices. On the official website, the RBI states in its Frequently Asked Questions (FAQs) that anyone can use any post office to deliver the notes to any of its 19 issuing offices.
According to the RBI, people must complete an online application form and use any India Post facility to mail the notes to an RBI issuing office. In May of last year, Apex Bank announced that it will be withdrawing the Rs 2,000 notes. It was originally made available in 2016 after the demonetization process. The RBI stated that the majority of the Rs 2,000 notes had outlived their expected useful lives and were only infrequently used in public transactions, which is why the decision to remove them was made.
In May 2023, almost 97.38% of the Rs 2,000 notes that were in circulation were returned. The RBI has made available a number of other channels for exchanging or depositing these notes in addition to the ability to do so at bank counters. The FAQ states that people can use the services offered by post offices and the 19 issuing offices to swap or deposit notes up to a total of Rs 20,000 at a time. As of May 19, 2023, the Reserve Bank of India (RBI) has 19 Issue Offices where customers can still exchange their ₹2000 banknotes, according to the RBI. The RBI Issue Offices will also take ₹2,000 banknotes for deposit into bank accounts from individuals or companies as of October 09, 2023.
The banking watchdog added that domestic customers can mail ₹2,000 in banknotes via India Post to any RBI Issue Office for credit to their bank accounts from any post office in the nation. The RBI said in May of this year that it had chosen to remove the ₹2,000 notes from circulation and instructed banks to stop issuing the notes right away. On May 19, 2023, the RBI decided to remove the ₹2,000 denomination banknotes from circulation as part of the "Clean Note Policy."
