After September 30, the Rs 2,000 notes can only be exchanged with the RBI.
The last day for returning or exchanging Rs 2,000 denomination banknote is today. According to the Reserve Bank of India (RBI), from October 1, the Rs 2,000 currency note will cease to have its value and will be just another piece of paper. This comes months after the central bank announced that the Rs 2,000 denomination banknotes would be taken out of circulation. Notably, 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.
Now, here’s what will happen to Rs 2,000 currency note after today’s deadline:
According to RBI, the Rs 2,000 currency note will remain legal tender even after the September 30 deadline, however, they will not be accepted for transactions. After today, the notes can only be exchanged with the RBI.
Therefore, today marks the final opportunity for people to exchange or deposit Rs 2,000 notes at their respective banks without any specific limit. A non-account holder could also exchange the banknotes up to a limit of Rs 20,000 at a time at any bank branch.
However, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit norms will still be applicable.
How to exchange Rs 2,000 notes
Individuals have the facility to exchange Rs 2000 notes at 19 Regional Offices (ROs) of the RBI. Besides that, one can also exchange Rs 2000 banknotes at any nearby bank branch.
According to RBI’s guidelines, as these notes are legal tender, the exchange should be done without the requirement of a request slip or ID proof. However, some public sector banks have implemented a different approach. Therefore, it is advisable to have an ID proof handy when exchanging this currency to ensure a smooth transaction.
Meanwhile, earlier this year, the RBI announced that about 93% 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.
