Final Day For Exchanging Rs 2,000 Notes At Banks: Essential Information

Today is the last day to exchange Rs 2,000 notes at banks. Following 7 October, the Reserve Bank of India (RBI) states that Rs 2,000 currency notes can only be exchanged at the 19 RBI Issue Offices, with a maximum cash deposit limit of  Rs 20,000 per transaction. However, at these RBI Issue Offices, individuals can present Rs 2,000 banknotes for credit to their Indian bank accounts, without a specific limit.

Here's what will occur with Rs 2,000 notes after today's deadline:

As per the RBI, Rs 2,000 currency notes will continue to be legal tender even after the 7 October deadline, but they will not be accepted for transactions. After today, these notes can only be exchanged through the RBI.

According to RBI FAQs, "Individuals/entities can continue to exchange Rs 2,000 banknotes at the 19 RBI Issue Offices, up to a limit of Rs 20,000 at a time. Individuals/entities can also deposit Rs 2,000 banknotes at the 19 RBI Issue Offices into their bank accounts in India for any amount."

The exchange or credit process is subject to relevant RBI and government regulations, requiring valid identity documents and due diligence as determined by the RBI.

How to exchange Rs 2,000 notes:

Individuals can exchange Rs 2,000 notes at the 19 Regional Offices (ROs) of the RBI, including offices in cities like Ahmedabad, Bangalore, Mumbai, New Delhi and more. Additionally, exchange can be done at nearby bank branches and individuals/entities within the country can send Rs 2,000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices, for credit to their Indian bank accounts.

While RBI guidelines indicate that these exchanges can be done without the need for a request slip or ID proof as these notes are legal tender, some public sector banks have their own approach. Therefore, it is advisable to have an ID proof ready when exchanging this currency to ensure a smooth transaction.

It's worth noting that the RBI introduced the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi's decision to demonetise high-value Rs 1,000 and Rs 500 notes overnight. Earlier this year, the RBI revealed that approximately 96 per cent of Rs 2,000 banknotes had returned to the banking system since the decision in May to withdraw the high-value note from circulation, leaving only Rs 0.14 lakh crore worth of Rs 2,000 notes in circulation as of 29 September.