Jul 16, 2024

Deadline to exchange `2000 banknotes over; what are the options left?

The
last day for the public to
avail of exchange or to
deposit high-value Rs 2000
banknotes at the banks was
Saturday (October 7).
A day before the deadline,
Reserve Bank of India
Governor Shaktikanta
Das had said only about
Rs 12,000 crore (or 3.37 per
cent) of the currency notes
remained in circulation.
This essentially meant
over 96 per cent of the total
value of Rs 2,000 banknotes
were back in the banking
system.
The final update from the
RBI was yet to be notified
after the deadline was over.
What will happen to

those individuals whose Rs
2000 banknotes are yet to be
exchanged or deposited in
the banks?
According to the RBI,
Rs 2000 banknotes can
continue to be exchanged
by individuals or entities
at the 19 RBI Issue Offices
up to a limit of Rs 20,000
at a time; or can tender Rs
2000 banknotes for credit
to their bank accounts in
India for any amount; else
people within the country
can also send Rs 2000
banknotes through India
Post, addressed to any of
the 19 RBI Issue Offices
for credit to their bank
accounts in India.
Those 19 RBI Issue Offices

are in Ahmedabad, Bangalore,
Belapur, Bhopal,
Bhubaneswar, Chandigarh,
Chennai, Guwahati, Hyderabad,
Jaipur, Jammu,
Kanpur, Kolkata, Lucknow,
Mumbai, Nagpur, New
Delhi, Patna and Thiruvananthapuram

Also, RBI has on many
occasions confirmed that
Rs 2000 banknotes will continue
to be legal tender.
The total value of Rs
2000 banknotes in circulation
was Rs 3.56 lakh crore
at the close of business on
May 19, 2023 – the date on
which RBI decided to withdraw
the banknote.
September 30 was initially
decided as the last date
for the purpose of completing
the exchange and deposit
exercise in a time-bound
manner and to provide
adequate time to the public.
People were requested to
utilise the month of September
to deposit or exchange
their Rs 2000 banknotes to
avoid any rush at the last
moment.
On September 30, RBI,
based on a review, decided
to extend the arrangement
for deposit and exchange
till October 7, 2023.
With effect from October
8, 2023, banks shall
stop accepting Rs 2000
banknotes for credit to
accounts or exchange
to other denomination
banknotes, RBI had said.
On May 19, the RBI initially
decided to withdraw
the Rs 2000 denomination
banknotes from circulation
but said it would continue
to remain as legal
tender. However, RBI had
advised banks to stop issuing
such banknotes with
immediate effect.
The Rs 2000 denomination
banknote was introduced
in November 2016,
primarily to meet the currency
requirement of the
economy in an expeditious
manner after the withdrawal
of the legal tender
status of all Rs 500 and Rs
1000 banknotes in circulation
at that time.
The objective of introducing
Rs 2000 banknotes
was met once banknotes
in other denominations
became available in adequate
quantities. Therefore,
the printing of Rs 2000
banknotes was stopped in
2018-19. (ANI)

 

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