Still stuck with Rs 2,000 notes even after RBI’s Oct 7 deadline? Here’s how you can return these legal banknotes
The Reserve Bank of India had recently announced the withdrawal of Rs 2,000 notes from circulation. The public was asked to deposit the notes and the deadline was also extended. The extended deadline for exchanging or depositing Rs 2,000 notes was October 7, 2023. After the deadline, the central bank had stated that exchange of notes will not be allowed.
According to the RBI’s most recent update on September 30, out of the total value of Rs 3.56 lakh crore of Rs 2,000 banknotes in circulation as of May 19, 2023, Rs 3.42 lakh crore has already been returned, leaving only Rs 0.14 lakh crore in circulation as of September 29, 2023. This means that 96 percent of Rs 2,000 banknotes in circulation as of May 19, 2023, have been returned.
Regardless, it has to be noted that Rs 2,000 notes are still legally recognised as valid currency. If anyone is still in possession of these notes, here’s what needs to be done to get them exchanged.
To exchange or deposit Rs 2,000 notes, you have the option to visit one of the 19 RBI Issue Offices located throughout India which are majorly situated in cities like Mumbai, Delhi, Chennai, and Kolkata.
Alternatively, the notes can be sent via India Post to these RBI offices. Individuals should be aware that this process necessitates proper identity documentation and adherence to due diligence procedures.
The necessary documents for exchanging or depositing these notes include valid identity documents like PAN, Aadhaar, or a Driver’s License for KYC (Know Your Customer) compliance. Additionally, have your bank account details readily available for the credit process. While the deadline for exchanging or depositing Rs 2,000 notes in banks has passed, these notes still retain their value.
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