Last Day To Return Or Exchange Rs 2,000 Banknotes Ends Tomorrow: 10 Points

The Reserve Bank Of India has said that the banknotes in Rs 2000 denomination will continue to be legal tender till September 30, which is the deadline by when people should exchange the notes.

New Delhi: If you are still in possession of Rs 2,000 denomination banknotes, you must exchange them in banks by tomorrow. The Reserve Bank of India (RBI) in May this year announced to withdraw the Rs 2,000 denomination banknotes from circulation.

The central bank had however reiterated that the banknotes in Rs 2000 denomination will continue to be legal tender till September 30, which is the deadline by when people should exchange the notes.

1. As per the Reserve Bank Of India  people can exchange Rs 2,000 banknotes till September 30, 2023.

2. Exchange of Rs 2,000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000.

3. The exchange facility of Rs 2,000 banknotes is provided free of cost.

4. Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.

5. A non-account holder also can exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

6. The facility for exchange of Rs 2,000 banknotes upto the limit of Rs 20,000 at a time is also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments.

7. 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.

8. Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. 

9. Thus, 93% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned.

10. Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

As of now, there's no official word from RBI on a deadline extension, hence it is advisable that people in possession of Rs 2,000 banknotes must exchange them at the earliest.