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- The Reserve Bank of India has announced that it will begin the process of swapping old ₹2,000 banknotes for new ones from today.
- This process is applicable to bank notes that have been in circulation for more than 10 years and have become soiled or are unusable.
- The process is applicable to customers of all banks.
- Customers can submit their old ₹2,000 banknotes at their respective bank branches to get new ones in exchange.
- They are required to submit an identity proof such as Aadhaar card, Election ID card, PAN card or Passport, along with the old ₹2,000 notes for the swap.
- Two new ₹2,000 notes will be issued in exchange for every old ₹2,000 note that is submitted.
- Customers will have to bear the cost of swapping which is Rs. 25 per old note.
- The process is expected to be completed by September 30.