Many people are still approaching banks to exchange or deposit their ₹2000 banknotes after the Reserve Bank of India (RBI) removed them from circulation on 19 May 2023. The Reserve Bank had given nearly four months to deposit or exchange notes worth ₹2000. Banknotes in the denomination of ₹2000 must be exchanged or deposited by September 30, 2023.
According to the RBI press release issued on May 19, 2023, “The facility for deposit and/or exchange of ₹2000 banknotes shall be available for members of the public up to September 30, 2023.The facility for exchange of ₹2000 banknotes shall be provided to all members of the public by all banks through their branches.”
RBI guidelines for ₹2,000 note exchange
People having bank account can visit their bank branch and provide their account details to streamline and exchange ₹2000 notes. The RBI guidelines state that there is no requirement for a requisition slip or ID proof for exchanging ₹2000 notes.
The RBI has also stated that even a non-account holder can exchange ₹2000 banknotes at any bank branch without any ID proof. However, there is a limit on the exchange of ₹2000 banknotes. A person can exchange Rs.2000 banknotes up to a limit of Rs.20,000 at a time. The exchange facility of Rs.2000 notes is free of cost.
How to exchange ₹2000 note in the bank?
The facility for exchanging Rs.2000 notes is available at 19 Regional Offices (ROs) of RBI having issue departments till 30 September 2023. People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023.
Deposit limit of ₹2000 notes
People can deposit ₹2000 banknotes at the bank where they have an account. The RBI has clearly stated that there is no deposit limit for ₹2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits ₹2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply.
As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit ₹2000 banknotes amounting to more than ₹50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below ₹50,000 in a day.
Last day to deposit ₹2000 banknote
The RBI has clearly mentioned that people can approach any banks or post offices to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of ₹2000 notes is 30 September 2023.
Though the RBI instruction is clear that the exchange of ₹2000 notes across the counter should be provided without insisting on a request slip or ID proof since these notes continue to be legal tender, certain public sector banks have adopted a different strategy.
The RBI stated that 50% of Rs.2000 notes in circulation had been returned to banks within 20 days of the withdrawal announcement. The Indian banks received ₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha—25 July. According to the RBI, as much as 76% of the ₹2,000 currency notes in circulation have either been deposited or exchanged at banks.
Bank holidays in September 2023
If you still intend to deposit in the upcoming months, be careful to check bank holidays before visiting your bank. Banks will be closed for 16 days in September for national, regional holidays
Here is the list of bank holidays in September:
September 3, 2023: Sunday
September 6, 2023: Shri Krishna Janmashtami.
September 7, 2023: Janmashtami (Shravan Vd-8) and Shri Krishna Ashtami.
September 9, 2023: Second Saturday.
September 10, 2023: Second Sunday.
September 17, 2023: Sunday.
September 18, 2023: Varsiddhi Vinayak Vrata and Vinayaka Chaturthi.
September 19, 2023: Ganesh Chaturthi.
September 20, 2023: Ganesh Chaturthi (2nd day) and Nuakhai (Odisha).
September 22, 2023: Shree Narayana Guru Samadhi Day.
September 23, 2023: Fourth Saturday and Maharaja Hari Singh’s birthday.
September 24, 2023: Sunday.
September 25, 2023: Birth anniversary of Shrimant Sankardeva.
September 27, 2023: Milad-e-Sherif (Birthday of Prophet Mohammad).
September 28, 2023: Eid-e-Milad or Eid-e-Miladunnabi (Bara Vafat)
Source By: livemint
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