The facility for exchanging Rs 2,000 notes is available at 19 Regional Offices (ROs) of RBI until September 30, 2023. People can also exchange Rs 2,000 banknotes at any nearest bank branch.
New Delhi: The Rs. 2,000 denomination banknote will cease to have its value after Saturday i.e. September 30th and will be just another piece of paper if one does not get it exchanged in any bank, the Reserve Bank of India (RBI) clarified. This clarification came a day after reports suggested that 30 September deadline to return Rs. 2000 notes is likely to get extended till October end.
The RBI had earlier fixed September 30, 2023, as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public. The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.
Earlier last month, the RBI said that about 93 per cent of the Rs. 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.
Last Options for people holding Rs 2,000 notes
Deposit the notes: Visit the nearest bank branch and deposit the Rs 2,000 notes into your bank account.
Exchange for other denominations: Alternatively, exchange these notes for different currency denominations at any bank branch in the country.
The facility for exchanging Rs 2,000 notes is available at 19 Regional Offices (ROs) of RBI until September 30, 2023. People can also exchange Rs 2,000 banknotes at any nearest bank branch.
Though the RBI instruction clearly said that the exchange of Rs 2,000 notes across the counter should be provided without insisting on a request slip or ID proof since these notes continue to be legal tender, certain public sector banks have adopted a different strategy, according to Cleartax.
The public can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time. There is no deposit limit for Rs 2,000 notes. However, the general know-your-customer (KYC) and other cash deposit statutory norms will apply.
Step-by-step process to deposit Rs 2,000 notes
- Visit your nearest bank
- Fill out the ‘Request Slip’ for Exchange/Deposit
- Fill in the name of the depositor in capital letters.
- Then fill in your Unique Identification Number like Aadhaar Card, Driving License, Voter ID Card, Passport, NREGA Card and Population Register)
- Fill in the details of Rs 2000 note.
What happens after the September 30 deadline?
After 30 September, though the notes will continue to remain legal tender, however, they will not be accepted for transaction purposes and can only be exchanged with the RBI.
While the RBI hasn’t explicitly declared these notes invalid after the deadline, it’s clear that the central bank intends to phase them out as part of its ‘clean note policy.’
The RBI indicated that the future status of Rs 2,000 notes would depend on the quantity returned or deposited in banks.
In simple terms, the notes may not lose their value immediately, but an official announcement from the RBI is awaited.
RBI removes circulations of Rs. 2000 notes
On 19 May, RBI removed the Rs. 2000 notes from circulation and gave nearly four months to deposit or exchange the notes. The last date given by RBI to exchange or deposit these notes was 30 September which is today. If it is still pending, individuals still have today’s time as Banks will remain open today due to 5th Saturday. They can go to their nearest bank branch and get the Rs. 2000 notes exchanged or deposit. They can exchange or deposit their ₹2,000 notes in bank branches and regional branches of RBI. A non-account holder can also exchange ₹2000 banknotes up to a limit of Rs. 20,000 at a time at any bank branch.
