New Delhi: Following the the Reserve Bank of India’s ‘Clean Note Policy’, the deadline to return notes of Rs 2,000 note is near and those who still hold the money should get it exchanged before September 30, 2023.
As per the rule, the notes will lose its legal tender status after the given date. The Centre had made the announcement earlier this year and started the process to return money from May 23. This week stands the last chance for those still having the hold on the currency.
The Process To Return
The RBI said, individuals can deposit Rs 2,000 notes in their respective banks without any specific limit. However, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit standards will still apply.
For those using BSBD (Basic Savings Bank Deposit) or Jan Dhan accounts, the regular deposit limit will continue to be in effect. This means that if you want to deposit Rs 2,000 notes above a certain amount in these accounts, you will have to comply with the prescribed limits.
Further, as per Rule 114B of the Income Tax Rules, individuals are required to furnish their PAN (Permanent Account Number) when depositing cash exceeding Rs 50,000 in a day at a bank or post office.
Exchange Process
Until September 30, individuals can exchange notes worth Rs 2,000 at 19 regional offices (ROs) of the RBI. Additionally, one can also exchange Rs 2000 notes at any nearby bank branch.
The principles of RBI are simple: These notes are legal, the exchange must be made without the need to present a request slip or proof of identity. However, some public sector banks have taken a different approach. Therefore, you should bring identification when exchanging this currency to ensure the transaction goes smoothly.
Holidays this week
- Banks will be open from Monday to Wednesday (September 25 to September 27).
- Thursday, September 28, will be a public holiday on the occasion of Milad-un-Nabi or Id-e-Milad.
- Banks will return to normal operations on Friday and Saturday (September 29 and 30). This means you can exchange or deposit your Rs 2,000 notes from September 25 to 27 and then again on September 29 and 30.
