Rs 2000 note exchange last date: Rs 2,000 note—the highest denomination currency note in India will lose its legal tender status on September 30. “…in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation,” the RBI said in a release on May 19. However, to facilitate a smooth transition, the Reserve Bank of India (RBI) initiated the exchange and deposit process for Rs 2,000 notes from May 23, 2023.
Rs 2000 Note Exchange Last Date: Steps to Exchange Notes in Bank
- Visit the nearest bank branch with Rs 2000 notes
- Fill in the requisition slip, enter the required details
- Submit the slip along with Rs 2000 notes to be exchanged with other denominations.
What Will Happen If You Fail to Exchange Rs 2000 Note By Sept 30?
Beyond September 30, these notes will continue to have their legal tender status; however, they will no longer be suitable for ordinary transactions and can solely be exchanged through the RBI. Holders will be required to provide a justification if they miss the initial deadline.
Why RBI Introduced Rs 2000 Notes?
In November 2016, the Reserve Bank of India introduced the distinctive pink-coloured 2,000-rupee note as part of a crucial initiative to remonetize the Indian economy. This move followed the sudden decision by the Narendra Modi-led government to scrap Rs 1,000 and 500 notes, essentially rendering them unusable overnight, as part of a vigorous anti-corruption campaign.
As per the Reserve Bank of India (RBI), approximately half of the Rs. 2,000 notes in circulation were returned to banks within just 20 days of the withdrawal announcement. Union Minister of State for Finance, Pankaj Chaudhary, disclosed that Indian banks had received a total of ₹2.72 trillion worth of ₹2,000 banknotes up to June 30. This significant influx occurred following the RBI’s announcement of their withdrawal on May 19. According to the RBI’s data, a substantial 76% of the ₹2,000 currency notes in circulation have either been deposited or exchanged at banks.
