Last Date To Exchange Rs 2000 Approaches: Here's What You Need To Know Before Heading To Banks

Last date to exchange Rs 2000 RBI: The last date for exchanging and depositing the Rs 2000 note is 30 September 2023.
Last date to exchange Rs 2000 RBI
Last date to exchange Rs 2000 RBI

Last date to exchange Rs 2000 RBI: : The exchange and/or deposition of the Rs 2000 note is fast approaching its deadline as the last date for doing so is 30 September 2023. In such a scenario, individuals who still have the notes with them shall act fast before the exchange and deposit of Rs 2000 denomination becomes impossible.

The Reserve Bank of India's decision to discontinue the Rs 2000 note came out on 19 May. The decision was taken under the central bank's ‘Clean Note Policy’.

RBI had justified the move by stating that Rs 2,000 notes had declined from their peak value of Rs 6.73 lakh crore in March 2018, constituting 37.3 per cent notes in circulation back then to Rs 3.62 lakh crore in March 2023, which is only 10.8 per cent of notes in circulation. It also said that notes in other denominations are adequate to meet public requirement.

Exchange and deposit of Rs 2000 note

The notes can be exchanged at 19 regional offices of RBI and other bank branches, according to RBI. People can deposit the withdrawn funds immediately into their bank accounts or exchange them for smaller denomination notes. This can only be done until 30 September.

One can exchange notes up to the value of Rs 20,000 at a time. The exchange option of Rs 2000 notes is free of cost.

Moreover, a person can deposit Rs 50,000 in a single day without having to submit any documents. It is mandatory for an individual to quote their PAN number when the cash deposit with a post office or bank exceeds Rs 50,000 in a single day, as per Rule 114B of the Income Tax Rules.

Where does the Rs 2000 Note exchange stand?

Within 20 days following the withdrawal notice, the Reserve Bank of India said that 50% of the Rs 2000 notes in circulation had been returned to banks. According to a written response given by Union Minister of State for Finance Pankaj Chaudhary in response to a question posed in the Rajya Sabha on July 25, the Indian banks received 2,000 rupee banknotes valued at $2.72 trillion up till June after the Reserve Bank announced their withdrawal on May 19. Up to 93% of the Rs 2,000 notes in use, have either been deposited or exchanged at banks, according to the RBI.

Rs 2000 note Deposit rules
Rs 2000 note Deposit rules

Bank Holidays before 30th September

Due to a number of bank holidays, people wanting to exchange the Rs 2000 notes will only have 3 days to do so. Since 25, 27, and 28 September are bank holidays, only the dates of 26, 29, and 30th will be the operational days of the exchange of notes.

Related Stories

No stories found.
Outlook Business