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While the process of exchanging or depositing Rs 2,000 currency notes has begun on Tuesday, RBI sources said the exchange facility is available only at banks
The RBI said that for depositing Rs 2,000 notes, customers can go to their bank and submit the money in their own accounts. There is no deposit limit but general KYC and other existing statutory norms for cash deposit will apply.
Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee notes as they aim to sidestep the need to exchange or deposit them at banks.
The increase in the demand of precious metals picked up as most of the medium and small shopkeepers have stopped accepting the Rs 2,000 note since RBI's surprise announcement on Friday.
While some establishments are accepting the notes without any fuss, others are citing a lack of change or are accepting them on the condition that the bill should be Rs 2,000 or close to it.