Post Offices Now Accepting Rs 2,000 Notes For Exchange, Confirms RBI

New Delhi: The Reserve Bank of India (RBI) has announced that Rs 2,000 notes can now be exchanged at post offices. People are queuing up at the RBI offices to return the Rs 2,000 notes, according to reports.

As part of its Frequently Asked Questions (FAQs) on the official website, the RBI mentioned that individuals can send the notes to any of its 19 issue offices through any post office. 

Individuals are required to fill up an online application form and send the notes to an RBI issue office using any India Post facility, as stated by the RBI. Apex bank declared its decision to withdraw the Rs 2,000 notes in May last year. It was first introduced following the demonetization process in 2016.

The RBI said that the decision to withdraw the Rs 2,000 notes  was made due to the majority of these notes surpassing their anticipated lifespan and facing limited usage in public transactions.

More than 97.38% of the Rs 2,000 notes in circulation have been returned in May 2023. Besides the option of exchange or deposit at bank counters, the RBI has provided various alternative channels to exchange or deposit these notes.

According to the FAQ, individuals can exchange or deposit the notes up to a limit of Rs 20,000 at a time through the 19 issue offices and the facilities available at post offices.