Delhi, September 25: The Reserve Bank of India (RBI) has set the deadline for the exchange or deposit of the withdrawn Rs 2,000 banknotes to September 30, 2023, as per an RBI press release issued on May 19, 2023. While these notes will still be considered legal tender after the deadline, the RBI introduced this measure because its main objective, which was to replace the currency value removed from circulation during demonetisation, has been achieved.

RBI Governor Shaktikanta Das mentioned that sufficient notes of other denominations are now in circulation. According to multiple reports, the RBI will decide whether to extend the September 30 deadline based on the number of Rs 2,000 notes returned to banks. Das emphasised that without a set date, people may not take the process seriously, leading to inconclusive results. He also reassured the public that there's no rush to return or exchange the Rs 2,000 notes they hold, as they have until September 30. RBI Repo Rate Update: Reserve Bank of India Keeps Repo Rate Unchanged at 6.50%, Announces Governor Shaktikanta Das (Watch Video).

Deposit Process

Individuals can deposit their Rs 2,000 notes at their respective banks without any specific limit. However, standard Know Your Customer (KYC) requirements and other legal deposit norms apply. The regular deposit limits remain in effect for those using Basic Savings Bank Deposit (BSBD) or Jan Dhan accounts. This means adhering to prescribed limitations when depositing Rs 2,000 notes exceeding a certain amount in these accounts. India 5th Largest Economy in the World: Our Economy Grew at Reasonable Pace, India Contributed Around 15% to Global Growth, Says RBI Governor Shaktikanta Das (Watch Video).

Rule 114B of the Income Tax Rules mandates that individuals provide their Permanent Account Number (PAN) when making cash deposits exceeding Rs 50,000 in a single day at a bank or post office. However, individuals can deposit their Rs 2,000 notes at their nearest ATMs with  Cash Deposit Machines (CDMs).

Exchange Process

Until September 30, individuals can exchange Rs 2,000 notes at 19 Regional Offices (ROs) of the RBI or any nearby bank branch. The RBI's guidelines state that since these notes are legal tender, exchanges can be conducted without needing a request slip or ID proof. However, some public sector banks may request ID proof during the exchange process.

Banks will be open from Monday to Wednesday (September 25 to September 27). Thursday, September 28, will be a holiday observance of Milad-un-Nabi or Id-e-Milad. Banks will resume regular working hours on Friday and Saturday (September 29 and September 30), providing opportunities for individuals to exchange or deposit their Rs 2,000 notes during these periods.

(The above story first appeared on LatestLY on Sep 25, 2023 12:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).