The Reserve Bank of India has given great relief to those people who have not yet exchanged or exchanged the Rs 2000 note. Now its new deadline is 7th October. Now the biggest question arising in the minds of common people is that what will happen if no one keeps the Rs 2,000 note with him and deposits it even by the 7th? Will Rs 2000 note become ruined after October 7? Or will RBI extend the deadline again? The Central Bank of the country has answered all these questions. Let us also tell you what information has been given by the Reserve Bank of India about these things and what things have been clarified to the common people.
What will happen to Rs 2,000 note after October 7?
From October 8, the system of deposit or exchange of Rs 2000 notes in bank branches will be completely stopped.
After October 7, Rs 2000 notes can be exchanged only in 19 RBI offices across the country. Here also the rules regarding exchange will be the same as were there earlier. Notes of Rs 2000 up to Rs 20 thousand i.e. only 10 notes can be exchanged at a time.
If any person or organization wants to deposit Rs 2000 notes in their bank account, they will have to deposit it in RBI offices only. There is no limit for making deposits.
Any person or organization living in the country can also take the help of post office to deposit Rs 2000 notes in their bank account after October 7 i.e. from October 8, which will send it to 109 RBI offices in the country. .
Such exchanges and deposits will be subject to relevant RBI/Government regulations. People and institutions will also have to produce valid identity documents and some charges may also be levied as per RBI rules.
Courts, legal enforcement agencies, government departments or any other public authority involved in investigative proceedings or enforcement can, whenever necessary, deposit or exchange Rs 2000 bank notes at any of the 19 RBI issuing offices without any limit.
RBI notification came on 19th May
RBI had issued a notification on May 19, 2023 regarding the circulation of Rs 2000 notes. In which it was said that Rs 2000 notes were being withdrawn from May 23. RBI had asked the general public to exchange and/or deposit Rs 2000 notes in banks and/or 19 regional offices of RBI and had kept the deadline as September 30. It was not made clear in the initial notification what would happen to Rs 2000 bank notes after September 30, 2023. RBI has not withdrawn the legal tender status of Rs 2000. In the press release, RBI said that Rs 2000 bank notes will remain legal currency.
Waiting for notes worth Rs 14 thousand crores
RBI has been informing the public about the status of the withdrawal process through monthly press releases. According to data received from banks, the total value of Rs 2000 banknotes in circulation as of May 19, 2023 was Rs 3.56 lakh crore. Out of which Rs 3.42 lakh crore has been returned and till the close of business on September 29, 2023, only Rs 14 thousand crore is still with the common people or institutions. Thus, by May 19, 2023, 96 percent of the Rs 2000 banknotes in circulation have returned to the banking system.
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