Last two days remaining to exchange Rs 2000 notes, rush to bank today
RBI announced the withdrawal of Rs 2000 notes from circulation with immediate effect and allowed holders to exchange or deposit them
The deadline for depositing/exchanging Rs 2,000 currency notes is nearly approaching, after the Reserve Bank of India (RBI) removed them from circulation on 19 May 2023.
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, the RBI reported, “The total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023.”
People having bank account can visit their bank branch and provide their account details to streamline and exchange Rs 2000 notes. The RBI guidelines state that there is no requirement for a requisition slip or ID proof for exchanging Rs 2000 notes.
The RBI has also stated that even a non-account holder can exchange Rs 2000 banknotes at any bank branch without any ID proof. However, there is a limit on the exchange of Rs 2000 banknotes. A person can exchange Rs.2000 banknotes up to a limit of Rs.20,000 at a time. The exchange facility of Rs.2000 notes is free of cost.
For those using Basic Savings Bank Deposit (BSBD) or Jan Dhan accounts, regular deposit limits will remain in effect. If you wish to deposit Rs 2,000 notes exceeding a certain amount in these accounts, you must adhere to the prescribed limits.
Additionally, as per Rule 114B of the Income Tax Rules, individuals must provide their Permanent Account Number (PAN) when making cash deposits exceeding Rs 50,000 in a single day at either a bank or post office.
As of now, until September 30, individuals also have the option to exchange Rs 2,000 notes at 19 Regional Offices (ROs) of the RBI or any nearby bank branch.
Ms Kalinga