10 Rs 2,000 notes can be exchanged per account holder at a time: RBI

Announcing the choice to withdraw Rs 2,000 denomination notes from circulation, the Reserve Bank of India (RBI) has requested banks to not problem such notes with instant impact.

The central financial institution has additionally mentioned the ATMs/Cash Recylers to be reconfigured accordingly.

It mentioned banks could trade Rs 2,000 banknotes as much as a restrict of Rs 20,000 (10 notes per account holder) at a time from an account holder in order that the inconvenience to the general public is minimised.

The facility for trade of Rs 2,000 banknotes shall be supplied to all members of the general public by all banks via their branches.

The RBI has given banks until May 23 to get able to trade the Rs 2,000 notes whereas deposits of the notes are accepted in typical method.

Business Correspondents may additionally be allowed to trade Rs.2,000 banknotes upto a restrict of Rs 4,000 per day for an account holder. For this function, banks could, at their discretion, improve the money holding limits of BCs.

For offering deposit/trade facility to individuals residing in distant/unbanked areas, banks could think about using cell vans, if vital, it mentioned.

While crediting the worth of Rs 2,000 notes to Jan Dhan Yojna Accounts/Basic Savings Bank Deposit (BSBD) Accounts, the standard limits will apply mutatis mutandis.

Banks holding Currency Chests (CCs) shall be certain that no withdrawal of Rs 2,000 denomination is allowed from the CCs. All balances held within the CCs shall be labeled as unfit and saved prepared for dispatch to respective RBI places of work.

All banknotes on this denomination obtained by the banks shall be sortedimmediately via Note Sorting Machines (NSMs) for accuracy and genuineness and deposited within the foreign money chests beneath the Linkage Scheme or saved prepared for dispatch to the closest Issue Office of RBI.

The facility for deposit and/or trade of Rs 2,000 banknotes shall be accessible for members of the general public as much as September 30.

The banks shall additionally be required to adjust to Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) necessities, the place relevant.

(With inputs from IANS)