What to know about the 2,000 banknote swap process that will begin today

  1. The Reserve Bank of India has announced that it will begin the process of swapping old ₹2,000 banknotes for new ones from today.
  2. This process is applicable to bank notes that have been in circulation for more than 10 years and have become soiled or are unusable.
  3. The process is applicable to customers of all banks.
  4. Customers can submit their old ₹2,000 banknotes at their respective bank branches to get new ones in exchange.
  5. 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.
  6. Two new ₹2,000 notes will be issued in exchange for every old ₹2,000 note that is submitted.
  7. Customers will have to bear the cost of swapping which is Rs. 25 per old note.
  8. The process is expected to be completed by September 30.