Last date to deposit, and exchange Rs 2000 notes: If you are holding Rs 2000 denomination currency notes, you can either deposit them in your bank account or exchange them with other notes in a bank by September 30, 2023. But there is no need to panic as the Rs 2000 banknotes will remain legal tender even after September 30, according to the Government.
There is also a limit of Rs 20,000 for the exchange of Rs 2000 notes at a time in a bank, according to RBI. But there is no limit on the amount you can deposit in your bank account.
The exchange of Rs 2000 notes will start from May 23, 2023. Banks have been “encouraged” by the RBI to complete the exchange/deposit of Rs 2000 notes by September 30.
Also read: Will your Rs 2000 note become invalid after September 30? Here’s what the Government says
The RBI on Friday (May 19, 2023) said Rs 2000 currency notes will be withdrawn from circulation but they will continue to remain legal tender. Accordingly, people having Rs 2000 notes with them can either deposit or exchange them with currency notes of other denominations in a bank until 30 September 2023, as per RBI. (Read: A very brief history of Rs 2000)
“Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions,” the RBI said.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023,” it added.
Also Read: RBI alert: Rs 2000 notes to be withdrawn from circulation
The central bank further said that all banks shall provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023.
The facility for the exchange of Rs 2000 banknotes up to the limit of Rs 20,000 at a time will also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
You can also exchange Rs 2000 banknotes through Banking Correspondents up to a limit of Rs 4000 per day for an account holder.
The RBI has also advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. However, the notes will continue to remain legal tender.
Last date to exchange Rs 2000 notes and limit
As per RBI, banks will start facilitating the exchange of Rs 2000 notes from May 23, 2023. The exchange can be done till 30 September 2023. But the notes will remain legal tender even after September 30.
The exchange limit at a time for each person will be Rs 20,000. That means the public can exchange only 10 Rs 2000 notes worth Rs 20,000 at a time in a bank during the exchange period. However, there is no limit on the amount you can deposit.
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The RBI’s decision to withdraw Rs 2000 notes from circulation came as a surprise to many but experts believe it was on the expected lines. However, It is not yet clear whether the Bank will ask for Aadhaar and PAN to exchange the Rs 2000 currency notes.