Rs 2,000 Note Exchange Deadline Ends On September 30: All You Need To Know
As this crucial deadline approaches, it is imperative for the public to understand the implications and take action promptly.
The deadline for depositing/exchanging Rs 2,000 currency notes is just 2 days away.
The RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023 and requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.
As this crucial deadline approaches, it is imperative for the public to understand the implications and take action promptly.
Here's What Do To
Individuals who still have the notes can do any of the following two things:
Deposit the notes: Individuals can head to their nearest bank branch to deposit their Rs 2000 notes into their bank account.
Exchange for other denominations: Alternatively, they can exchange these notes for different currency denominations at any bank branch in the country.
Procedure For Exchanging Rs 2000 Notes
To exchange Rs 2000 currency notes, one must follow these steps:
Visit a nearby bank branch: Locate the nearest bank branch.
Submit the notes: Present the Rs 2000 notes, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit norms will still be applicable.
Receive exchanged notes: Once the process is completed, the individual will receive the exchanged notes.
Earlier this month, the Reserve Bank of India said that as much as 93% of Rs 2,000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks.
According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to Aug. 31, 2023, RBI said in a statement.
"Consequently, Rs 2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said.
Read what will happen if you miss the September 30 deadline:
RBI has created a FAQ section to address queries related to Rs 2000 Denomination Banknotes. You can check the FAQ section on the official RBI website here: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=157.
Bank Holiday In Maharashtra
Government securities, foreign exchange, money and rupee interest rate derivatives markets will remain open on Thursday and Friday, according to the Reserve Bank of India.
The Maharashtra government has declared September 29 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023 declared earlier has been cancelled.
To know more click here.
(With PTI inputs)
