According to the Reserve Bank of India’s “clean note policy”, the highest denomination currency note in India – ₹ 2,000 note, will lose its status as legal tender after September 30, 2023.
The process of exchanging or depositing the ₹ 2,000 notes began earlier this year on May 23. This week marks the final opportunity for people to exchange or deposit ₹ 2,000 notes.
Deposit Process
RBI stated that individuals can deposit ₹ 2,000 notes at their respective banks without any specific limit. However, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit norms will still be applicable.
For those using a BSBD (Basic Savings Bank Deposit) or Jan Dhan account, the regular deposit limits will continue to be in effect. This means that if you wish to deposit ₹ 2000 notes exceeding a certain amount in these accounts, you will need to adhere to the prescribed limits.
Furthermore, in accordance with Rule 114B of the Income Tax Rules, individuals must provide their PAN (Permanent Account Number) when making cash deposits exceeding ₹ 50,000 in a single day at either a bank or post office.
Exchage Process
Until September 30, individuals also have the facility to exchange ₹ 2000 notes at 19 Regional Offices (ROs) of the RBI. Besides that, one can also exchange ₹ 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.
Bank Holidays This Week
-Banks will be open from Monday to Wednesday (September 25 to September 27).
-Thursday, September 28, will be a holiday in observance of Milad-un-Nabi or Id-e-Milad.
-Banks will resume regular working hours on Friday and Saturday (September 29 and September 30).
This means that you can exchange or deposit your ₹ 2000 notes from September 25 to September 27 and then again on September 29 and September 30.
