TheRBI extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’.
New Delhi: The last date to exchange Rs.2000 notes with banks is today, i.e. October 7, 2023. Banks will not accept Rs.2000 notes for exchange or deposit to accounts from 8 October 2023. TheRBI extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’.
The RBI started printing the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes overnight. The printing of Rs.2000 was stopped in 2018-19 once the notes of other denominations were available in adequate quantities. Currently, these notes are at the end of their estimated lifespan of 4-5 years, and it is no longer commonly used for transactions.
What Will Happen If One Cannot Deposit/Exchange Rs 2000 Notes After October 8
- The deposit/exchange at bank branches shall be stopped
- Rs 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs 20,000/- at a time.
- Individuals/Entities can tender Rs 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
- Individuals/Entities from within the country can also send Rs 2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.e deemed fit by RBI.
- Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.
- Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/exchange Rs 2000 banknotes at any of the 19 RBI Issue Offices without any limit.
According to the RBI FAQs, “The Rs 2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time. Individuals / Entities can also tender Rs. 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.Such exchange or credit shall be subject to relevant RBI, Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.”
Here are the steps to be followed to exchange these notes:
- Customers need to visit any of the authorised banks with ₹ 2,000 notes available with them
- The bank will give them a requisition slip, where the customers will have to enter details required to facilitate the exchange of ₹ 2,000 notes
- The customers need to submit the slip along with ₹ 2,000 notes to be exchanged with other denominations
- It is to be noted that depending on the bank, the procedure could change
- The RBI has set a maximum of ₹ 20,000 on the amount that can be exchanged using ₹ 2,000 notes at a time.
Deposit limit of Rs.2000 notes
People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply.
