RBI has given time till September 30, 2023 i.e. this Saturday to deposit/or exchange Rs 2,000 notes. If you still have Rs 2,000 notes and have not deposited or exchanged them yet, complete the work completely before this deadline.
There is no clarity from RBI about what will happen to Rs 2,000 notes after September 30, 2023. The special thing is that the Reserve Bank of India (RBI) has not withdrawn the legal tender status of the Rs 2000 note. This means that even after the deadline, the Rs 2,000 note will remain legal currency.
The RBI Governor had said a lot in a press conference after the announcement of withdrawal of Rs 2000 note. He had said that we cannot give you a speculative answer as to what will happen after September 30. We have not said anything on the legal tender status of Rs 2000 note.
We are just saying that Rs 2000 note will remain in circulation till 30th September. He further said that unless you give a deadline, the process does not reach the final phase. It seems that Rs 2000 notes will remain 'legal currency'.
Will the September 30 deadline be extended?
According to the press release of RBI on September 1, 2023, 93 percent of the Rs 2000 bank notes in circulation are back by May 19, 2023. Most of the notes have returned to the banking system, so there is little possibility of extending the deadline for depositing and exchanging Rs 2000 notes.
What can happen after 30 September 2023?
As the legal tender status of Rs 2000 note continues. Now the biggest question is that if someone still has a Rs 2000 note after the deadline, what will happen to them? The 'legal tender' status indicates that the RBI will have to provide some way to redeem the monetary value of these notes. After which one of the following scenarios may arise after September 30:
Even if there is no transaction, deposit permission can be given
After September 30, even if the Rs 2000 note is not used for transactions, RBI can give permission to make deposits in banks. Ever since RBI has given orders regarding Rs 2000 notes, many shopkeepers and businessmen have refused to accept Rs 2000 notes.
RBI has done the work of withdrawing Rs 2000 note under its 'Clean Note Policy'. A similar exercise was carried out in 2013-14 to remove notes issued before 2005 from circulation. According to the FAQs on the RBI website, the notes will remain legal currency and individuals can exchange them at specified RBI offices and deposit them in their bank accounts.
Exchange facility available, but only here
RBI can give permission to exchange Rs 2000 notes only in its specified offices on production of ID and address proof. RBI, while withdrawing Rs 2000 notes from circulation, had given permission to exchange Rs 2000 notes with a limit of Rs 20,000 at a time from any bank till September 30. Exchange facility has also been established in 19 regional offices of RBI.
Some banks have not asked for ID proof while exchanging Rs 2000 notes, while many banks have changed the notes only on submission of ID proof. However, RBI may insist on KYC for exchanging Rs 2000 notes in its offices after September 30 so that its records can be maintained.
What happened in such situations before?
While withdrawing pre-2005 notes, RBI provided exchange facility at specified RBI offices. According to the RBI website, however, this does not mean that banks cannot accept deposits of pre-2005 bank notes for credit into customers' accounts.
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