Banks may not accept Rs 2,000 notes after the September 30 deadline and people may have to approach the regional offices of the central bank to exchange them, sources have told BQPrime.
The Reserve Bank of India announced the withdrawal of the Rs 2,000 notes on Friday and an exchange window began today.
Unlike 2016 demonetisation when the older Rs 500 and Rs 1,000 notes were banned by the central bank, Rs 2,000 notes continues to be a valid tender and can also be used for public transactions as of now.
The Rs 2,000 notes will remain valid tender, but banks may not accept those for deposit and exchange, the report cited the source as saying. The legal tender of a note allows its holder to get its full value if they seek to exchange it.
People may not be allowed to transact using those notes after the deadline, it added citing the sources.
It said a response is awaited from the RBI on the matter. It's not clear if the central bank will extend the deadline.
Meanwhile, chaos and confusion were reported from parts of Delhi over the note exchanging process. While long queues were seen at some places, overall there were not many takers of the exchange offer.
People complained some banks refused to exchange the notes and were asking them to deposit those, besides demanding their identity proofs.
The central bank on Saturday clarified no slip will be required for exchanging Rs 2,000 notes and that up to a total value of Rs 20,000 can be exchanged at a time. The withdrawal move came under its "Clean Note Policy", it said.
"Inflation Has Moderated But Still There Is A Distance To Cover": RBI Governor Axis Bank, HDFC Bank Fined 2.91 Crore For Deficiencies In Regulatory Compliance RBI To Conduct Nation-Wide Quiz For Undergraduate Students, Check Details 8 Dead, 2,750 Hurt As Pagers Explode Across Lebanon, Hezbollah Blames Israel 'Pager Bombs' Target Hezbollah In Lebanon. What We Know So Far - 5 Points IndiGo Flight Tailstrike Leaves Huge Dent During Take-Off From Delhi Airport 25 Children Killed After Bus Carrying Religious Pilgrim Crashes In Nigeria University Of Queensland, IIT Delhi Round 2 Admission Process Begins 'Pager Bombs' Target Hezbollah In Lebanon. What We Know So Far - 5 Points Track Latest News Live on NDTV.com and get news updates from India and around the world.