Final Day for Exchanging rupee Rs 2000 Notes Today:
The Reserve Bank of India (RBI) has clarified that the 2,000 rupee banknote will lose its value after September 30 and will be considered as mere paper if not exchanged at a bank.
This clarification was issued following reports suggesting a possible extension of the September 30 deadline for returning 2,000 rupee notes until the end of October. Today is the last for the Exchanging.
On May 19, the RBI withdrew the 2,000 rupee notes from circulation, providing nearly four months for individuals to deposit or exchange them. The deadline for this exchange was set for September 30, which is today. Individuals still have time today as banks will be open due to it being the 5th Saturday. They can visit their nearest bank branch to exchange or deposit the 2,000 notes. These notes can also be exchanged or deposited at bank branches and regional RBI offices. Even non-account holders can exchange 2,000 notes up to a limit of 20,000 at a time at any bank branch.
After September 30, while these notes will remain legal tender, they will not be accepted for transactions and can only be exchanged with the RBI.
Earlier on September 2, the RBI reported that 93 percent of the 2,000 banknotes that were in circulation on May 19 had been returned to banks.
Data from major banks indicated that out of the total 2,000 rupee banknotes received, about 87 percent were in the form of deposits and Exchanges, while approximately 13 percent had been exchanged for banknotes of other denominations.
Introduced in November 2016, the 2,000 banknotes were primarily meant to address the currency requirements of the economy quickly after the withdrawal of the legal tender status of all 500 and 1,000 banknotes at that time. Exchanging the 2000 rupees notes in the banks is compulsory because banks won’t accept any further.
The objective behind introducing the 2,000 banknotes was fulfilled when banknotes of other denominations became available in sufficient quantities. Consequently, the printing of 2,000 banknotes was halted in the financial year 2018-19.