The extended deadline to exchange or deposit Rs 2,000 currency notes by a week ended on October 7. Now, the high-value currency notes cannot be accepted by banks. However, you can exchange or deposit the banknotes at the RBI’s 19 Issue Offices. Here’s all you need to know:
The RBI in May this year decided to withdraw Rs 2,000 banknotes from circulation, and fixed September 30 as the last date to deposit or exchange the notes, which was later extended till October 7. However, now, the Rs 2,000 notes can be exchanged or deposited at the RBI’s issue offices.
“The facility for deposit/ exchange of Rs 2000 banknotes at the 19 RBI Issue Offices shall be available till further advice,” the central bank has said.
After the October 7 deadline, the procedure for deposit and exchange is as under:
a) The deposit/ exchange at bank branches has been stopped
b) Rs 2000 banknotes can continue to be exchanged by individuals/ entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time.
c) Individuals/ entities can tender Rs 2000 banknotes at the 19 RBI issue offices for credit to their bank accounts in India for any amount.
d) Individuals/ entities from within the country can also send Rs 2,000 banknotes through India Post, addressed to any of the 19 RBI issue offices for credit to their bank accounts in India.
e) Such exchange or credit shall be subject to relevant RBI/ government regulations, submission of valid identity documents and due diligence as deemed fit by the RBI.
f) Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/ exchange Rs 2000 banknotes at any of the 19 RBI Issue offices without any limit.
The RBI decided to withdraw the Rs 2,000 denomination banknotes from circulation in pursuance of its ‘Clean Note Policy’.
Announcing the withdrawal of the high-value currency notes on May 19, 2023, the RBI said “it has also been observed that this denomination (Rs 2,000 banknotes) is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public”.
Following the withdrawal decision, RBI Governor Shaktikanta Das addressing reporters on May 22 said the Rs 2,000 banknotes were introduced primarily to replenish the notes withdrawn following demonetisation in 2016.
“Rs 2,000 notes have completed their cycle and age, and their withdrawal is part of the currency management operation,” he added.
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