The Reserve Bank of India (RBI) has extended the deadline for the public to exchange or deposit Rs 2,000 notes at bank branches until October 7, 2023. These banknotes will continue to be legal tender, and individuals and entities can also exchange them at the 19 RBI Issue Offices.
There is a limit of Rs 20,000 per transaction for exchanges at these offices. Additionally, both individuals and entities can deposit Rs 2,000 banknotes at the 19 RBI Issue Offices, and there is no specified limit for such transactions.
The RBI previously instructed banks to offer deposit and exchange services for Rs 2,000 banknotes until September 30, 2023. This discontinuation of Rs 2,000 currency notes is part of the RBI's clean-note policy.
The Reserve Bank of India (RBI) has provided clarifications regarding the exchange and deposit of Rs 2,000 banknotes after September 30, 2023:
Provision for Deposit/Exchange: The facility for deposit/exchange of Rs 2,000 banknotes at bank branches has been extended by the RBI until October 7, 2023.
Exchanges at RBI Issue Offices: Individuals/entities can continue to exchange Rs 2,000 banknotes at the 19 RBI Issue Offices, with a limit of Rs 20,000 at a time. They can also tender these banknotes at the RBI Issue Offices for credit to their bank accounts in India for any amount, subject to RBI/Government regulations, submission of valid identity documents, and due diligence.
Deposit/Exchange by Mail: Individuals/entities from within the country can send Rs 2,000 banknotes through India Post addressed to any of the 19 RBI Issue Offices, following the procedure laid down by the Department of Posts. The credit to their bank accounts in India will be subject to relevant RBI/Government regulations, submission of valid identity documents, and due diligence.
Last Date for Exchange: The facility for deposit/exchange of Rs 2,000 banknotes at the 19 RBI Issue Offices will be available until further advice.
This extension and these provisions aim to provide individuals/entities with additional time and options for the exchange and deposit of Rs 2,000 banknotes in compliance with RBI regulations.
