“Deadline Today: Last Chance to Exchange ₹2,000 Notes at Banks in India”
The Reserve Bank of India (RBI) has set October 7 as the last date for exchanging ₹2,000 currency notes at banks. After the deadline, these notes can only be exchanged at the 19 RBI Issue Offices, with specific guidelines and a cash deposit limit.
Today marks the final opportunity for individuals to exchange ₹2,000 currency notes at banks as per the Reserve Bank of India (RBI) guidelines. After October 7, the exchange of ₹2,000 banknotes will only be permitted at the 19 RBI Issue Offices across the country, with a maximum cash deposit limit of ₹20,000 per transaction.
However, individuals can still present ₹2,000 banknotes at any of these 19 RBI Issue Offices to have them credited to their Indian bank accounts, with no specific limit imposed on the credited amount. While the ₹2,000 notes will continue to be considered legal tender even after the deadline, they will no longer be accepted for transactions and can only be exchanged with the RBI.
According to the RBI’s Frequently Asked Questions (FAQs), individuals and entities can exchange ₹2,000 banknotes at the 19 RBI Issue Offices, but this process will be subject to relevant RBI and government regulations, requiring the submission of valid identity documents and adherence to due diligence as determined by the RBI.
For those looking to exchange ₹2,000 notes, the 19 RBI Issue Offices are located in major cities such as Ahmedabad, Bangalore, Mumbai, New Delhi, Kolkata, Chennai, and more. Additionally, individuals can also visit nearby bank branches for exchange purposes. Another option is to send ₹2,000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices, for crediting to their Indian bank accounts.
While the RBI’s guidelines state that the exchange of ₹2,000 notes should not require a request slip or ID proof, some public sector banks have implemented different procedures. Therefore, it is advisable for individuals to have an ID proof handy when exchanging these notes to ensure a smooth transaction.
Notably, the RBI introduced the ₹2,000 note in November 2016 following the demonetization of high-value ₹1,000 and ₹500 notes by Prime Minister Narendra Modi. Earlier this year, the RBI announced that nearly 96% of ₹2,000 banknotes had returned to the banking system since the central bank’s decision in May to withdraw the high-value notes from circulation. As a result, only ₹0.14 lakh crore worth of ₹2,000 notes remained in circulation as of September 29.
Sources By Agencies
About The Author
