Last date for exchange of Rs 2,000 notes today: Will the bank notes be valid after the deadline?
Rs 2,000 notes will continue to be legal tender even after the September 30 deadline, however, they will not be accepted for transactions.
Today is the last day to return or exchange Rs 2,000 denomination banknote. According to the Reserve Bank of India (RBI), from October 1, the value of Rs 2,000 note will be lost and it will become just a piece of paper. This comes just months after the central bank announced the withdrawal of Rs 2,000 denomination bank notes from circulation. Notably, the RBI had started printing Rs 2,000 notes in November 2016 after Prime Minister Narendra Modi demonetized high-value Rs 1,000 and Rs 500 notes overnight.
Now, what will happen to the Rs 2,000 note after today’s deadline:
According to RBI, Rs 2,000 notes will remain legal tender even after the September 30 deadline, however, they will not be accepted for transactions. After today, notes can be exchanged only from RBI.
Therefore, today is the last opportunity for people to exchange or deposit Rs 2,000 notes in their respective banks without any specific limit. A non-account holder can also exchange banknotes to the extent of Rs 20,000 at a time at any bank branch.
The standard KYC (Know Your Customer) procedures and other legal deposit norms will still be in effect, it’s vital to remember.
How to exchange Rs 2,000 notes?
Individuals have the facility to exchange Rs 2000 notes at 19 regional offices (ROs) of RBI. Also, one can exchange Rs 2000 notes at any nearest bank branch.
According to RBI regulations, since these notes are legal currency, the exchange request can be made without a slip or identification. Some public sector banks, though, have adopted a different strategy. To ensure seamless transactions, it is therefore advised to carry identification while exchanging this currency.
Meanwhile, earlier this year, the RBI announced that about 93% of the Rs 2,000 bank notes have returned to the banking system since the central bank’s decision to withdraw the higher value notes from circulation in May.