According to RBI rules, Rs 2000 notes can only be exchanged by a person who has a corresponding bank account and identity proof. Exchange of notes of a neighbor or someone else comes under the purview of money laundering and fraud. Doing so can lead to strict legal action.
On 13 May 2023, the Reserve Bank of India (RBI) took out Rs 2000 notes from circulation. At that time, Rs 2000 notes worth Rs 3.56 lakh crore were in circulation. Despite the passage of time, Rs 6970 crore worth of Rs 2000 notes are still with the public. RBI is still providing the facility to change them, but the question arises whether you can change notes for your neighbor?
Rules for changing notes for neighbor
RBI has clear rules that any person can deposit or change notes only in a bank account linked to his name. If you try to change your neighbor’s notes, it can be considered a crime under money laundering and fraud. In such a situation, legal action can be taken against you.
Possible punishment in money laundering and fraud
If you are found guilty of money laundering, your property can be confiscated under the Prevention of Money Laundering Act (PMLA) and you can be sentenced to 3 to 7 years in prison. If a case of fraud is registered, there is a provision of 7 years of imprisonment along with fine.
Process of changing notes as per rules
As per RBI guidelines, only a person who has a valid account and identity proof can change the notes. For this you have to follow the procedure prescribed by RBI.
