RBI Simplifies Currency Exchange: ₹2,000 Banknotes via Secure Insured Post and TLR Forms
The Reserve Bank of India (RBI) is making it easier for the public to exchange or deposit ₹2,000 denomination banknotes, which were withdrawn from circulation on May 19, 2023. The RBI has introduced convenient and secure options for individuals who are away from regional offices, aiming to simplify the process and reduce the need for physical visits to RBI branches.
One notable option allows people to send their ₹2,000 banknotes to specified regional offices of the Reserve Bank through insured post. This insured post option ensures the safe and secure transfer of currency, making it a hassle-free choice for those who are not located near RBI offices.
In addition, the RBI is offering a Triple Lock Receptacle (TLR) form to individuals for depositing their ₹2,000 banknotes directly into their bank accounts. These TLR forms provide a secure method for currency deposit. RBI Regional Director, Rohit P Das, encouraged customers to utilize the insured post service, stating that it allows for seamless and secure credit to their bank accounts without the need to travel to specific branches and stand in queues.
Das emphasized that both the TLR and insured post options are highly secure, and there should be no concerns about their use. He mentioned that the Delhi office alone has received about 700 TLR forms. The RBI has been consistently reiterating these two options in its communications, in addition to the exchange facility available at its offices.
Notably, more than 97% of the ₹2,000 banknotes in circulation as of May 19, 2023, have already been returned.
Reserve Bank of India Governor Shaktikanta Das provided further details about the arrangements made to manage the exchange process. The RBI’s regional office in Delhi has taken special measures to cater to senior citizens and individuals with disabilities, offering a separate queue for their convenience. To expedite the process, a separate queue has been designated for those with fewer currency notes, such as 2-3.
In addition to streamlining the exchange process, the RBI has taken steps to ensure a comfortable experience for the public. Drinking water facilities and covered waiting areas have been created to minimize inconvenience to members of the public. It’s worth noting that ₹2,000 banknotes continue to be considered legal tender.
The RBI is working in cooperation with the Delhi Police to manage crowds and ensure the safety and security of the vicinity around the RBI regional office.
Initially, the public and entities holding ₹2,000 banknotes were asked to either exchange or deposit them in bank accounts by September 30, with the deadline later extended to October 7. However, as of October 8, individuals have been provided with the option of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 RBI offices located in various cities across India.
The ₹2,000 banknotes were introduced in November 2016 following the demonetization of the then-prevailing ₹1,000 and ₹500 banknotes. The RBI’s efforts aim to ensure a smooth transition for the public during this currency withdrawal process.