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Today is the Last Day to Exchange ₹ 2,000 Notes: Questions Arise About Their Post-Deadline Validity

September 30, 2023
Money

The last day for returning or exchanging ₹ 2,000 denomination banknote is today. According to the Reserve Bank of India (RBI), from October 1, the ₹ 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 ₹ 2,000 denomination banknotes would be taken out of circulation. Notably, the RBI started printing the ₹ 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value ₹ 1,000 and ₹ 500 notes overnight.
Now, here’s what will happen to ₹ 2,000 currency note after today’s deadline:
According to RBI, the ₹ 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 ₹ 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 ₹ 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 ₹ 2,000 notes
Individuals have the facility to exchange ₹ 2000 notes at 19 Regional Offices (ROs) of the RBI. Besides that, one can also exchange ₹ 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 ₹ 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)


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