Don’t Panic, Banks will take Rs 2000 notes till next Saturday

Don’t Panic, Banks will take Rs 2000 notes till  next Saturday

If you are unduly worried about those two thousand  rupee notes stashed away,  don’t panic.

The Reserve Bank of India (RBI) has extended the deadline for exchange and deposit of ₹2,000 bank notes by 7th of October.

You would still be able to exchange notes because the amount on them is legal currency even after the deadline has passed. The banks will stop accepting them on  October 7, but according to the RBI, from the 8th of October, individuals and organizations could exchange ₹2,000 notes at RBI issue offices.

Earlier the deadline to deposit and exchange the note was today, September 30.

According to an RBI statement, deposits or exchanges of 2,000 notes at bank branches would be prohibited from October 8, but can be exchanged at the 19 RBI Issue Offices up to a ceiling of 20,000 notes at a time.

Individuals and companies in India can also submit 2,000 banknotes through India Post to any of the 19 RBI Issue Offices and credit to their Indian bank accounts. According to the central bank, any exchange or credit will be limited to relevant RBI and government rules as well as the demand for genuine proof of identity regarded suitable by the RBI.

However, courts, judicial agencies, government departments, and other public authorities engaging in inquiry or enforcement methods may deposit and exchange the 2,000 notes without restriction at any of the RBI Issue Offices.

According to financial data, 3.42 lakh crore of the overall value of 3.56 lakh crore of 2,000 banknotes in distribution as of May 19, 2023, has been exchanged, leaving only 0.14 lakh crore in circulating as of the final day of business on September 29, 2023.

As a result of this, 96% of the 2,000 bills in circulation on May 19, 2023, have been returned.