Avoid Last-Minute Rush: Exchange Rs 2000 Notes Before Due Date Sep 30, Get Complete Information

The termination of Rs 2,000 notes in circulation was announced by the Reserve Bank of India (RBI) on May 19, 2023. The last day for note swaps is September 30th, and as that day is quickly coming, people must finish the exchange procedure as soon as possible.

By September 30, people were supposed to deposit their Rs. 2,000 notes in banks or exchange them for notes of other denominations, according to the central bank. We’ll look at how to exchange Rs 2,000 notes today.

Exchange Procedures at RBI Offices and Banks:

Up till September 30, Rs 2000 notes may still be exchanged at the 19 regional offices of the RBI. People may also do this transaction at the local bank locations.

People may deposit or swap Rs 2,000 notes into their separate bank accounts up till September 30. The exchange of notes in the denomination of Rs 2,000 up to a maximum value of Rs 20,000 is allowed in order to minimize disturbance to the regular operations of bank offices. When depositing Rs 2,000 notes into a bank account, however, KYC requirements and other legal requirements must be followed.

Placing Notes of 2000 Rupees:

There are certain differences in the rules for those who want to deposit their Rs 2,000 notes. The RBI has made it clear that there is no set deposit limit for notes of Rs 2,000.

Standard KYC guidelines and other legal procedures for cash deposits will still continue to be in effect.

The same restrictions will apply when depositing Rs 2,000 notes into Jan Dhan or Basic Savings Bank Deposit (BSBD) accounts. It’s crucial to remember that Rule 114B of the Income Tax Rules, which necessitates the submission of a PAN number, must be followed by anyone who deposit Rs 50,000 or more.

Nevertheless, stating a PAN is not required for sums less than Rs 50,000 in a single day.

circulation of Rs 2,000 notes

According to data released by the RBI as of the beginning of September, almost 93 percent of the Rs 2,000 notes that were taken out of circulation had been restored to the banks.

According to a statement from the RBI, data from banks shows that as of August 31, 2023, the total value of Rs 2,000 notes deposited in banks was Rs 3.32 lakh crore. As a result, on August 31 there were just Rs 2,000 notes in circulation, totaling Rs 0.24 lakh crore.

As of July 31, the RBI said that Rs 2,000 banknotes worth Rs 3.14 lakh crore, or 88 percent of the total, have re-entered the banking system.