Rs 2000 exchange/deposit last date: Even as Rs 2000 notes will remain legal tender after September 30, the Reserve Bank of India (RBI) has kept it as the last date by which people should exchange or deposit their Rs 2000 denomination currency notes in a bank.

Explaining the reason why September 30 is the last date, RBI Governor Shaktikanta Das has said that not having a deadline would make the return/exchange of Rs 2000 notes an endless process.

“Leaving the deadline open-ended will make the exchange of notes an endless process,” Das said on Monday (May 22) (Read more details here).

The RBI has urged people not to panic or rush to deposit or exchange Rs 2000 banknotes as it has given a sufficient time of 4 months to complete the process.

The return/exchange of Rs 2000 notes in banks will begin from tomorrow (May 23, 2023) and end on September 30, 2023.

“Leaving the deadline open-ended will make the exchange of notes an endless process,” Das said while speaking to reporters on Monday (May 22) for the first time since the surprise decision to withdraw Rs 2000 banknotes. (read more details here)

The return/exchange of Rs 2000 notes in banks will begin from tomorrow (May 23, 2023) and end on September 30, 2023.

The RBI Governor is expecting that most of the withdrawn Rs 2,000 rupee notes will be returned by the deadline of September 30. Das also said that the decision to withdraw Rs 2000 notes from circulation was part of currency management but Rs 2,000 currency notes continue to be legal tender.

According to Das, the impact of the withdrawal on the economy will be “very very marginal” as he said, adding Rs 2,000 currency notes made up for just 10.8 per cent of the total currency in circulation.

The Governor said that while the withdrawn 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange.

“We expect most of Rs 2,000 bank notes to come back to the exchequer by September 30,” he said. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry.”

Meanwhile, the existing income tax requirement of furnishing PAN for deposits of Rs 50,000 or more in bank accounts will continue to apply for deposits of the withdrawn 2000 rupee notes, said Das.

(With PTI inputs)