The deadline to exchange Rs 2,000 notes at banks is today, according to the Reserve Bank of India (RBI). After October 7, the exchange of Rs 2,000 currency notes will only be allowed at the 19 RBI Issue Offices, with a cash deposit limit of Rs 20,000 per transaction. However, at any of the 19 RBI Issue Offices, individuals can present Rs 2,000 banknotes for credit to any amount on their Indian bank accounts.
After today’s deadline, the Rs 2,000 notes will remain legal tender, but they will not be accepted for transactions. They can only be exchanged with the RBI. Individuals can continue to exchange the Rs 2,000 banknotes at the 19 RBI Issue Offices, up to a limit of Rs 20,000 at a time. They can also tender the notes at these offices for credit to their bank accounts in India for any amount, subject to relevant RBI and government regulations, submission of valid identity documents, and due diligence as deemed fit by the RBI.
To exchange Rs 2,000 notes, individuals can visit any of the 19 Regional Offices (ROs) of the RBI, including Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. They can also exchange the notes at any nearby bank branch or send them through India Post to any of the 19 RBI Issue Offices for credit to their bank accounts in India.
While RBI’s guidelines state that ID proof or a request slip is not required for the exchange of these legal tender notes, some public sector banks have implemented different approaches. Therefore, it is recommended to have an ID proof handy during the exchange to ensure a smooth transaction.
It is worth noting that the RBI started printing the Rs 2,000 note in November 2016, following the sudden demonetization of high-value Rs 1,000 and Rs 500 notes by Prime Minister Narendra Modi.
As of September 29, about 96% of the Rs 2,000 banknotes have been returned to the banking system, leaving only Rs 0.14 lakh crore worth of Rs 2,000 notes in circulation, according to the RBI’s announcement earlier this year.