The exchange of Rs 2,000 notes will only be allowed at the 19 RBI Issue Offices.
The last date to exchange Rs 2,000 notes at the bank is today. According to the Reserve Bank of India (RBI), after October 7, the exchange of Rs 2,000 currency notes will only be allowed at the 19 RBI Issue Offices, with a cash deposit limit of Rs 20,000 note maximum per transaction. But at any of the 19 RBI Issue Offices, people can present Rs 2,000 banknotes for credit to any amount on their Indian bank accounts.
Here's what will happen to Rs 2,000 notes after today's deadline
According to RBI, the Rs 2,000 currency note will remain legal tender even after the October 7 deadline, however, they will not be accepted for transactions. After today, the notes can only be exchanged with the RBI.
According to the RBI FAQs, "The Rs 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time. Individuals/Entities can also tender Rs 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount".
"Such exchange or credit shall be subject to relevant RBI, Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI," the press note read.
How to exchange Rs 2,000 notes
Individuals have the facility to exchange Rs 2000 notes at 19 Regional Offices (ROs) of the RBI. The 19 RBI issue offices include Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
Besides this, one can also exchange Rs 2000 banknotes at any nearby bank branch. Individuals/Entities from within the country can also send Rs 2,000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.
According to RBI's guidelines, as these notes are legal tender, the exchange should be done without the requirement of a request slip or ID proof. However, some public sector banks have implemented a different approach. Therefore, it is advisable to have an ID proof handy when exchanging this currency to ensure a smooth transaction.
Notably, the RBI started printing the Rs 2,000 note in November 2016 after Prime Minister Narendra Modi scrapped high-value Rs 1,000 and Rs 500 notes overnight.
Earlier this year, the RBI announced that about 96% of the Rs 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation. This has left only Rs 0.14 lakh crore worth of Rs 2,000 notes in circulation till September 29.