Rs 2000 Notes Withdrawal Deadline: What Will Happen If You Miss Sep 30 Exchange Time Limit?

RBI announced in May to withdraw Rs 2000 denomination notes from circulation. File Photo

New Delhi: The Reserve Bank of India (RBI) has set September 30, 2023, as the last date to exchange or deposit Rs 2000 denomination notes in banks across India. With the deadline around the corner, many Indians are wondering what will happen if they miss it.

In May, RBI announced the withdrawal of Rs 2000 notes from circulation with immediate effect and allowed holders to exchange or deposit them until September 30. As of September 1, a total of 93% of Rs 2000 notes, valued at around Rs 3.32 lakh crore, had been returned from circulation.

Holders can deposit their Rs 2000 banknotes at any bank branch across the country, with a limit of Rs 20,000 at one time.

But what happens if someone misses the deadline?

The RBI circular states that the exchange or deposit window will be open for holders until September 30. However, it does not mention that Rs 2000 denomination notes will become illegal tender after the deadline. This implies that they will continue to be legally accepted currency.

There are no guidelines regarding whether the exchange or deposit window will be extended to a later date. RBI has not provided any information about an extension of the deadline. As of now, the deadline for submitting Rs 2000 denomination notes is September 30. After that, banks will not exchange or deposit Rs 2000 notes, although they will still be considered legal tender.