Deadline to exchange ₹2,000 notes extended. What will happen if you miss it?
The Reserve Bank of India on Saturday extended the deadline for exchanging your ₹2,000 notes till October 7. Initially, the central bank had allotted time till September 30 to exchange or deposit the ₹2,000 notes.
If you have still not deposited or exchanged the ₹2,000 currency notes till now, you should do it immediately. If you fail to meet the October 7 deadline, here’s what will happen:
- The deposit / exchange at bank branches shall be stopped.
2. ₹2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time.
3. Individuals / Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
4. Individuals / Entities from within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India. Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.
5. Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit / exchange ₹2000 banknotes at any of the 19 RBI Issue Offices without any limit, the RBI statement said.
6. ₹2000 banknotes shall continue to be legal tender.
‘93% of ₹2,000 notes returned to banks’
On September 2, the RBI had said that as much as 93 per cent of ₹2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks. According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023, the central bank had said in a statement.
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