RBI extends deadline to exchange, deposit Rs 2,000 notes till Oct 7

File photo: PTI

New Delhi: The Rs 2,000 denomination notes will be just another piece of paper after October 7.

That is the deadline set by the Reserve Bank of India (RBI) for exchange or deposit of these notes.

Initially, the RBI had announced October 1 as the deadline, but it was extended on Saturday evening.

Last month the RBI had informed that 93 per cent of these currency notes in circulation have returned to the banking system. The banker’s bank had removed the Rs 2,000 notes from circulation on May 19, and allotted nearly four months to exchange or deposit the notes. The public could exchange a maximum of ten Rs 2,000 notes (Rs 20,000 in value) for smaller denominations at any bank till evening.

The Rs 2,000 denomination banknote was introduced in November 2016 following the demonetization of Rs 500 and Rs 1,000 banknotes. However, the RBI stopped printing the Rs 2,000 note during the 2018-19 period.

Rs 2,000 note can be exchanged in banks

  • Those having bank accounts can exchange or deposit Rs 2,000 notes in their respective bank branches.
  • No separate application or ID proof is needed to exchange the notes.
  • Those who don’t have bank accounts can also exchange the notes at any bank branch without ID proof.
  • An individual can exchange up to Rs 20,000 (ten Rs 2,000 notes) at a time.
  • The service to exchange Rs 2,000 is free.
  • The facility to exchange the notes is available at all the 19 Regional Offices (RO) of the RBI. Besides, one can also exchange the notes at any bank branch.
  • Individuals can also deposit Rs 2,000 notes in banks where they have their accounts. There is no limit for such deposits of Rs 2,000 notes. However, the KYC (Know Your Customer) and other deposit yardsticks are applicable.
  • Rule 114B of the Income Tax Rules, 1962, requires mandatory quoting of PAN for depositing an amount above Rs 50,000 in the post office or bank in a single day. If a person deposits Rs 2,000 notes with the sum exceeding Rs 50,000, then he/she needs to mandatorily provide a PAN number. However, if the same is below Rs 50,000, the PAN is not required.
  • The current deposit limit is applicable for depositing Rs 2,000 notes with respect to Jan Dhan Yojana and the basic savings bank accounts.
  • Amazon has not been accepting Rs 2,000 for cash-on-delivery orders from September 19 onwards.
    (With PTI inputs)
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