Last Date of Exchange: Today is the last date to exchange ₹2000 notes, what will happen next after the deadline ends?

Posted on 30th Sep 2023 12:11 pm by rohit kumar

The last date to return or exchange Rs 2,000 notes is today. According to the Reserve Bank of India (RBI), from October 1, banknotes will lose value and will be just another piece of paper. Four months after the central bank announced the demonetization of Rs 2,000 notes, the date for exchanging notes is now coming to an end.

 

1. Can you use ₹2,000 note after today's deadline?

Even after the September 30 deadline, Rs 2,000 notes will continue to be valid but will not be accepted in transactions. After the deadline of September 30, the notes can be exchanged only from RBI.

 

2. How to exchange Rs 2000 notes?

 

Till September 30, Rs 2,000 notes can be exchanged at 19 regional offices of RBI or any nearest bank branch.

 

Visit your nearest bank or any regional office of RBI.

 

Fill out the 'Request Slip' to exchange or deposit discontinued notes.

 

Fill in your details including your Unique Identification Number printed on a document like Aadhaar, Driving License, Voter ID Card, Passport, or NREGA Card.

 

Fill in the details of how many notes you will deposit.

 

Notably, a maximum of Rs 20000 worth of Rs 20000 notes can be exchanged at a time.

 

3. How many notes were returned to banks till last month?

RBI said on September 1 that since May till now, about 93 percent of the currency notes have returned to the banking system. According to data received from banks, the total value of Rs 2000 banknotes withdrawn from circulation till August 31, 2023, was Rs 3.32 lakh crore.

 

4. Why did RBI decide to demonetise ₹2000 banknote?

₹2000 denomination notes were introduced in November 2016 under Section 24(1) of the Reserve Bank of India (RBI) Act, 1934. This was done to rapidly meet the currency requirement of the economy after the withdrawal of legal tender status of all Rs 500 and Rs 1000 banknotes then in circulation. According to Minister of State Pankaj Chaudhary, the objective of introducing the notes was achieved when banknotes of other denominations became available in sufficient quantity. He said, 'Given this and under the 'Clean Note Policy' of RBI, it has been decided to withdraw the notes.

 

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