Last day to exchange ₹2,000 currency note today. What happens after deadline?
The last date for returning or exchanging the ₹2,000 denomination currency notes is today. According to the Reserve Bank of India (RBI), from October 1 onwards the banknote will cease to have its value and will be just another piece of paper. This comes four months after the central bank announced that ₹2,000 notes would be taken out of circulation.
Can you use the ₹2,000 note after today’s deadline?
Reportedly, while the R,2000 currency note will remain legal tender even after the September 30 deadline, they will not be accepted for transactions. Post the deadline, the notes can only be exchanged with the RBI.
How to exchange ₹2,000 notes?
Till September 30, the ₹2,000 currency notes can be exchanged at 19 regional offices of RBI or any nearest bank branches.
- Visit your nearest bank or any RBI’s regional office.
- Fill out the ‘request slip’ for exchanging or depositing the discontinued notes.
- Fill in your details including your Unique Identification Number like Aadhaar, driving license, voter ID card, passport, or NREGA card.
- Fill in the details of how many notes you will be submitting.
Notably, there is a limit of ₹20,000 in the amount of ₹2,000 notes that can be exchanged for a lower denomination at a time.
On September 1, the RBI said that about 93 percent of the currency notes have been returned to the banking system since May. According to the data received from the banks, the total value of ₹2,000 banknotes received back from circulation was ₹3.32 lakh crore up to August 31, 2023, it said in a statement.
Why did RBI decide to discontinue ₹2,000 banknote?
The ₹2,000 denomination banknote was introduced in November 2016 under Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, to expeditiously meet the currency requirement of the economy post-withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. According to MoS Pankaj Chaudhary, the objective of introducing the notes was met once banknotes in other denominations became available in adequate quantities. “In view of the above and in pursuance of RBI’s ‘Clean Note Policy’, it was decided to withdraw the currency notes,” he said.
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