₹2000 notes are now almost completely out of circulation. These notes are rarely seen anywhere in the market. The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 notes from circulation on 19 May 2023. At that time, a total of ₹3.56 lakh crore of ₹2000 notes were in circulation. However, even after so much time, some notes have still not been returned.

₹6970 crore notes still in circulation

According to the latest RBI data, ₹6970 crore worth of ₹2000 notes are still with the public. However, the Reserve Bank is still giving the option to exchange these notes. But if you go to exchange someone else’s notes, like your neighbor’s ₹2000 notes, doing so can create problems for you.

Can you exchange your neighbor’s ₹2000 notes?

No. If you have your ₹2000 notes, you can exchange them by visiting the RBI office. But if these notes belong to your neighbor, then trying to exchange them can create big trouble for you.

  • Doing so may be considered money laundering or fraud.
  • According to RBI rules, only the person in whose name the account is can get the note exchanged.
  • If you try to exchange someone else’s notes, you may face action under the Prevention of Money Laundering Act (PMLA).

What will be the punishment?

If a person is proven guilty of money laundering or fraud, it can have serious consequences:

  1. For money laundering:
    • Property may be confiscated.
    • The punishment can range from 3 to 7 years in jail.
  2. For fraud:
    • A fine may be imposed on the accused.
    • There can be a jail term of up to 7 years.

You can change only your notes

RBI rules are clear—anyone can exchange only their notes. For this he will have to follow the guidelines issued by RBI.

Note exchange process:

  • Go to the authorized office of RBI.
  • Present your identification card and account information.
  • Complete the note exchange process.

Exchange notes carefully

RBI has issued strict guidelines regarding the process of exchanging ₹2000 notes. Non-compliance with these rules may lead to legal action. If you have ₹2000 notes, change them yourself and do not take the responsibility of changing someone else’s notes.

Be careful and follow the rules.

Rahul Dev

Cricket Jounralist at Newsdesk

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