The deadline to return or exchange the Rs 2,000 banknote is today. Starting from October 1, the Reserve Bank of India (RBI) stated that the Rs 2,000 currency note will lose its value and become invalid. This decision comes after the RBI previously announced that the Rs 2,000 denomination banknotes would be phased out. It is worth noting that the Rs 2,000 note was introduced in November 2016 following the sudden demonetization of the high-value Rs 1,000 and Rs 500 notes by Prime Minister Narendra Modi.
After today’s deadline, the RBI has clarified that the Rs 2,000 banknote will still retain its status as legal tender but will not be accepted for transactions. Going forward, the notes can only be exchanged with the RBI.
Therefore, today is the final opportunity for individuals to exchange or deposit their Rs 2,000 notes at their respective banks without any specific limit. Non-account holders can also exchange these banknotes up to a limit of Rs 20,000 at any bank branch. However, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit norms will still apply.
To exchange Rs 2,000 notes, individuals can visit any of the 19 Regional Offices (ROs) of the RBI or any nearby bank branch. According to RBI’s guidelines, the exchange should be facilitated without the need for a request slip or ID proof as these notes are legal tender. However, it is advisable to have an ID proof handy as some public sector banks may have implemented different procedures to ensure a smooth transaction.
Earlier this year, the RBI announced that approximately 93% of the Rs 2,000 banknotes have been returned to the banking system since the decision to withdraw the high-value note was made in May.