Rs 2000 Notes Deadline; RBI 2000 Currency Exchange Last Date Update | More than 96% of the notes returned to the banks, currency worth Rs 12 thousand crore is yet to come.
New Delhi3 hours ago
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RBI had fixed September 30 as the last date for exchanging Rs 2000 notes. On the last day, through circular, the deadline was extended till October 7.
October 7 is the last day to deposit Rs 2000 note in the bank or exchange it for another note. Earlier today i.e. on Friday, RBI Governor Shaktikanta Das said that more than 96% of Rs 2000 notes have returned to the bank, whose value is ₹ 3.43 lakh crore.
Out of this, 87% notes have been deposited in the bank. The remaining notes have been exchanged for other notes. He said that currently Rs 2000 notes worth about Rs 12 thousand crores are in circulation, which are yet to arrive. Earlier, the last day for exchanging notes was 30 September, but RBI had extended its last date to 7 October 2023.
According to the circular issued by RBI on September 30, the last date for exchanging Rs 2000 notes is till October 7, 2023.
After October 7, notes will be changed in RBI office
After the deadline for depositing notes in the bank, Rs 2000 notes can be exchanged or deposited in 19 issue offices of RBI. 2000 notes up to 20 thousand rupees can be exchanged at a time. On the other hand, if you want to get it credited to your bank account, then you can deposit any number of ₹ 2000 notes through the issue office.
2000 note came in 2016
The Rs 2000 note came into the market in November 2016. Then Prime Minister Narendra Modi had announced the demonetization of 500 and 1000 rupee notes. In their place, new notes of Rs 500 and Rs 2000 were issued in the new pattern. However, RBI has stopped printing of Rs 2000 notes from the year 2018-19. Whereas in 2021-22, Rs 2000 notes worth Rs 38 crore were destroyed.
Understand the process of changing notes from the questions and answers below…
1. Is any document required to exchange notes?
No, these notes can be easily exchanged without any document by going to the bank. Banks have also been informed about this so that there is no problem in exchanging notes. ₹2000 notes can be exchanged for other denominations up to a limit of ₹20,000 at a time. There is no limit for depositing it in the account.
2. Can notes be exchanged in any bank without an account?
Yes. Non-account holders can also get ₹2000 notes exchanged to another denomination up to the limit of ₹20,000/- at any bank branch at a time.
3. Is this decision a correction of a mistake on the part of the government?
₹2000 notes were printed to meet the shortage of ₹500 and ₹1000 notes which were discontinued in 2016. When notes of other denominations became available in sufficient quantity, printing of Rs 2000 notes was stopped in 2018-19. That is, it cannot be said directly that taking Rs 2000 notes out of circulation is a correction of the government’s mistake.
4. Why has RBI taken this decision?
The Reserve Bank has taken this decision under the ‘Clean Note Policy’. ‘Under the Clean Note Policy, people have been requested not to write anything on currency notes, because doing so spoils their appearance and also reduces their life. Clean Note Policy has been implemented to achieve the goal of providing good quality bank notes (paper currency) to people for transactions.
5. Who is it applicable to?
This decision is applicable for everyone. Every person who has Rs 2000 notes will have to deposit them in any branch of the bank or exchange them for other notes by 7 October 2023.
This post originally appeared on www.bhaskar.com