Rs 2,000 notes deadline over: The final day for the general public to avail of exchange or to deposit high-value Rs 2,000 banknotes on the banks was Saturday (October 7). A day earlier than the deadline, Reserve Bank of India (RBI) Governor Shaktikanta Das had stated solely about Rs 12,000 crore (or 3.37 per cent) of the forex notes remained in circulation. This primarily meant over 96 per cent of the whole worth of Rs 2,000 banknotes have been again within the banking system.
The ultimate replace from the RBI was but to be notified after the deadline was over.
What will occur to these people whose Rs 2,000 notes are but to be exchanged or deposited in banks?
According to the RBI, Rs 2,000 notes can proceed to be exchanged by people or entities on the 19 RBI Issue Offices up to a restrict of Rs 20,000 at a time; or can tender Rs 2,000 banknotes for credit score to their financial institution accounts in India for any quantity; else individuals throughout the nation may also ship Rs 2000 banknotes by way of India Post, addressed to any of the 19 RBI Issue Offices for credit score to their financial institution 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
- Thiruvananthapuram
Also, RBI has on many events confirmed that Rs 2,000 notes will proceed to be authorized tender. The complete worth of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore on the shut of enterprise on May 19, 2023- the date on which RBI determined to withdraw the banknote.
September 30 was initially determined because the final date for the aim of finishing the exchange and deposit train in a time-bound method and to present ample time to the general public. People have been requested to utilise the month of September to deposit or exchange their Rs 2000 banknotes to keep away from any rush on the final second.
On September 30, RBI, primarily based on a overview, determined to lengthen the association for deposit and exchange until October 7, 2023. With impact from October 8, 2023, banks shall cease accepting Rs 2000 banknotes for credit score to accounts or exchange to different denomination banknotes, RBI had stated.
On May 19, the RBI initially determined to withdraw the Rs 2,000 denomination banknotes from circulation however stated it could proceed to stay as authorized tender. However, RBI had suggested banks to cease issuing such banknotes with speedy impact.
The Rs 2000 denomination banknote was launched in November 2016, primarily to meet the forex requirement of the financial system in an expeditious method after the withdrawal of the authorized tender standing of all Rs 500 and Rs 1000 banknotes in circulation at the moment.
The goal of introducing Rs 2000 banknotes was met as soon as banknotes in different denominations grew to become available in ample portions. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.
(With ANI inputs)
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