₹2000 currency note exchange: Deadline ends in 4 days. What happens next? Check how to deposit these notes in a bank | Mint
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Business News/ Money / Personal Finance2000 currency note exchange: Deadline ends in 4 days. What happens next? Check how to deposit these notes in a bank
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₹2000 currency note exchange: Deadline ends in 4 days. What happens next? Check how to deposit these notes in a bank

The deadline for exchanging ₹2,000 banknotes is in 4 days; 93% of notes have been returned so far

 ₹2000 currency note exchange: As much as 93% of the ₹2,000 currency notes have either been deposited or exchanged at banks, the central bank said earlier this month.Premium
2000 currency note exchange: As much as 93% of the 2,000 currency notes have either been deposited or exchanged at banks, the central bank said earlier this month.

The deadline for depositing/exchanging 2,000 banknote notes is just four days away. The Reserve Bank of India (RBI) ordered the withdrawal of the 2,000-rupee note on May 19, giving people time till September 30 to exchange or deposit them with banks

2000 banknotes deadline: About 24,000 crore notes are still in circulation

There are still almost 240 billion rupees ($2.9 billion), about 24,000 crore worth of notes in circulation, Bloomberg reported.

As much as 93% of the 2,000 currency notes have either been deposited or exchanged at banks, the central bank said earlier this month.

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"According to the data received from the banks, the total value of 2,000 banknotes received back from circulation is 3.32 lakh crore up to August 31, 2023. Consequently, the value of 2,000 banknotes in circulation as of the close of business on August 31, 2023, stood at 24,000 crore. Thus, 93% of the 2,000 banknotes in circulation as of May 19, 2023, have since been returned," said RBI in a statement on 1 September 2023.

Also Read:  Five personal finance rule changes taking place from next month

The process to deposit 2,000 notes

1)Go to your nearest bank

2)Fill ‘Request Slip’ for exchange/deposit

3)One should fill in the ‘Tenderer’ name in capital letters.

4)Then the member should fill up their Unique Identification Number of the accepted identity proof. (Aadhaar Card, Driving License, Voter ID Card, Passport, NREGA Card, and Population Register)

5) The member should fill in the details of the 2000 note that they will submit for exchange. This will include, the number of pieces, and total value

6) After filling in all the details, you need to sign and submit the form along with their 2000 notes to get them exchanged from the nearest bank.

How to exchange 2000 notes in the bank?

The facility for exchanging 2000 notes is available at 19 Regional Offices (ROs) of RBI having issue departments till 30 September 2023. People can also exchange 2000 banknotes at any nearest bank branch 

What happens after the September 30 deadline?

The notes will continue to remain legal tender even after September 30, but they will not be accepted for transaction purposes and can only be exchanged with the RBI.

 

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 26 Sep 2023, 01:31 PM IST
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