What Happens if You Miss Exchanging Rs 2,000 Banknotes By October 7, 2023?

As RBI extends the deadline for exchanging or depositing Rs 2,000 banknotes, know the implications of missing the October 7, 2023 deadline
What Happens if You Miss Exchanging Rs 2,000 Banknotes By October 7, 2023?
What Happens if You Miss Exchanging Rs 2,000 Banknotes By October 7, 2023?

The Reserve Bank of India (RBI) had announced an extension of the deadline for exchanging or depositing Rs 2,000 banknotes till October 7, 2023, from September 30, 2023. Banknotes can only be exchanged at 19 RBI Issue Offices after October 7, 2023, with a maximum cash deposit of Rs 20,000 per transaction. Until then, any person, even a non-account holder, can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

What To Do After October 7?

Starting October 8, 2023, several significant changes will take effect regarding the exchange and deposit of Rs 2,000 banknotes:

Exchange Through Bank Branch To Stop: After October 7, 2023, the exchange of Rs 2,000 banknotes will no longer be permitted at regular bank branches. It means that if you miss the extended deadline, you won't be able to exchange these notes at your local bank.

Exchange at RBI Issue Offices: Instead, individuals and entities can only exchange these banknotes at the 19 RBI Issue Offices across the country. There will be a cash deposit limit of Rs 20,000 per transaction at these RBI Issue Offices.

Credit to Bank Accounts: You can present your Rs 2,000 banknotes at any of the 19 RBI Issue Offices for credit to any of your bank accounts in India. This allows you to deposit any amount, but it will be subject to relevant RBI and government regulations, requiring valid identity documents and due diligence as deemed fit by the RBI.

The 19 RBI Issue Offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

India Post Option: Individuals and entities residing within India also have the option to send their Rs 2,000 banknotes through India Post. These banknotes should be addressed to any RBI issue offices for credit to their Indian bank accounts.

Special Cases: For courts, law enforcement agencies, government departments, or any other public authority involved in investigation proceedings or enforcement, there will be no limit when depositing or exchanging Rs 2,000 banknotes at these RBI issue offices.

It's crucial to note that the facility for deposit and exchange of Rs 2,000 banknotes at these RBI Issue Offices will be available until further advice, and till that time, Rs 2,000 banknotes will continue to be legal tender in the country.

The government withdrew the notes as part of the "Clean Note Policy" of the Reserve Bank of India (RBI), to ensure the availability of good quality banknotes to members of the public.

Related Stories

No stories found.
logo
Outlook Business & Money
business.outlookindia.com