Final Date To Trade Rs 2,000 Be aware As we speak. Will Banknotes Be Legitimate After Deadline?

After September 30, the Rs 2,000 notes can solely be exchanged with the RBI.

The final day for returning or exchanging Rs 2,000 denomination banknote is as we speak. Based on the Reserve Financial institution of India (RBI), from October 1, the Rs 2,000 foreign money observe will stop to have its worth and will probably be simply one other piece of paper. This comes months after the central financial institution introduced that the Rs 2,000 denomination banknotes could be taken out of circulation. Notably, the RBI began printing the Rs 2,000 observe in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes in a single day.

Now, this is what’s going to occur to Rs 2,000 foreign money observe after as we speak’s deadline:

Based on RBI, the Rs 2,000 foreign money observe will stay authorized tender even after the September 30 deadline, nevertheless, they won’t be accepted for transactions. After as we speak, the notes can solely be exchanged with the RBI. 

Due to this fact, as we speak marks the ultimate alternative for individuals to trade or deposit Rs 2,000 notes at their respective banks with none particular restrict. A non-account holder may additionally trade the banknotes as much as a restrict of Rs 20,000 at a time at any financial institution department.

Nevertheless, you will need to observe that the standard KYC (Know Your Buyer) necessities and different authorized deposit norms will nonetheless be relevant.

Easy methods to trade Rs 2,000 notes

People have the ability to trade Rs 2000 notes at 19 Regional Workplaces (ROs) of the RBI. Apart from that, one may also trade Rs 2000 banknotes at any close by financial institution department. 

Based on RBI’s tips, as these notes are authorized tender, the trade needs to be finished with out the requirement of a request slip or ID proof. Nevertheless, some public sector banks have applied a unique strategy. Due to this fact, it’s advisable to have an ID proof useful when exchanging this foreign money to make sure a clean transaction.

In the meantime, earlier this yr, the RBI introduced that about 93% of the Rs 2,000 banknotes have returned to the banking system because the central financial institution in Might determined to withdraw the high-value observe from circulation.