The Reserve Bank of India (RBI) on Saturday extended the deadline for exchanging Rs 2000 notes by a week, to October 7, 2023. This comes after the central bank received requests from various stakeholders, including banks and customer associations, for an extension.
The RBI had earlier announced that the last date for exchanging Rs 2000 notes would be September 30, 2023. Out of the ₹3.56 lakh crore worth of ₹2,000 notes that were in circulation on May 19, 2023, the RBI has received ₹3.42 lakh crore, leaving only ₹0.14 lakh crore worth of these notes still in circulation as of September 29, 2023.
However, many people still have Rs 2000 notes in their possession, and there have been concerns that they would not be able to exchange them before the deadline, especially those living in rural areas or those who are unable to travel to a bank branch.
The central bank has advised people who still have Rs 2000 notes to exchange them at any bank branch or RBI office by October 7, 2023. After this date, Rs 2000 notes will no longer be legal tender.
Rs 2000 notes can be exchanged at any bank branch or RBI office. No ID proof is required to exchange up to Rs 20,000. However, if you are exchanging more than Rs 20,000, you will need to provide valid ID proof. The exchange of Rs 2000 notes is free of charge.
Here is a step-by-step guide on how to exchange Rs 2000 notes:
1.Visit any bank branch or RBI office.
2.Fill in a requisition form.
3.Submit the form along with the Rs 2000 notes you want to exchange.
4.The bank or RBI office will exchange the notes for smaller denomination notes or deposit the amount into your bank account.
If you are unable to exchange your Rs 2000 notes by the deadline, you can deposit them in your bank account or exchange them at any RBI office after October 7, 2023. However, you will need to provide valid ID proof and an explanation for why you were unable to exchange the notes before the deadline.
The RBI’s decision to extend the deadline for exchanging Rs 2000 notes is a welcome move. It will give people more time to exchange their notes and avoid any inconvenience.
