5 days left for Rs 2,000 note exchange deadline: Here's what you can do
New Delhi, September 25: The Reserve Bank of India's "clean note policy" dictates that the highest denomination currency note in India, the Rs 2,000 note, will no longer be considered legal tender after September 30, 2023. The process of exchanging or depositing Rs 2,000 notes began on May 23 of this year, and this week marks the final opportunity for individuals to exchange or deposit these notes.
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The RBI has clarified that individuals can deposit Rs 2,000 notes at their respective banks without any specific limit. However, it's essential to be aware that the standard KYC (Know Your Customer) requirements and other legal deposit regulations will still apply. For those utilising a BSBD (Basic Savings Bank Deposit) or Jan Dhan account, the usual deposit limits will continue to be in place.
This means that if you intend to deposit Rs 2000 notes exceeding a certain amount in these accounts, you must adhere to the prescribed limits. Additionally, according to Rule 114B of the Income Tax Rules, individuals must provide their PAN (Permanent Account Number) when making cash deposits exceeding Rs 50,000 in a single day at either a bank or post office.
Until September 30, individuals can also exchange Rs 2000 notes at 19 Regional Offices (ROs) of the RBI. Alternatively, you can exchange Rs 2000 banknotes at any nearby bank branch. The RBI's guidelines are straightforward: as these notes are legal tender, the exchange should be done without the requirement of a request slip or ID proof. However, some public sector banks have implemented a different approach. Therefore, it is advisable to have an ID proof handy when exchanging this currency to ensure a smooth transaction.
- With inputs from agencies
