₹2,000 Note Exchange Deadline Approaching: What You Need To Do In Next 5 Days

In a significant move, the Reserve Bank of India (RBI) has announced that the ₹2,000 denomination currency note will no longer be considered legal tender after September 30, 2023.

Deposit Process: What You Need to Know

No Specific Limit: Individuals can deposit ₹2,000 notes at their respective banks without a specific limit. However, standard KYC (Know Your Customer) requirements and other legal deposit norms remain in effect.

Special Accounts: If you have a BSBD (Basic Savings Bank Deposit) or Jan Dhan account, regular deposit limits apply. Deposits exceeding these limits must adhere to the prescribed guidelines.

Income Tax Compliance: Rule 114B of the Income Tax Rules mandates that individuals provide their PAN (Permanent Account Number) for cash deposits exceeding ₹50,000 in a single day at either a bank or post office.

Exchange Process: Your Options

Regional Offices: Until September 30, individuals can exchange ₹2,000 notes at 19 Regional Offices (ROs) of the RBI.

Local Banks: Alternatively, you can also exchange ₹2,000 banknotes at any nearby bank branch. While RBI guidelines don’t require an ID proof for exchange, some public sector banks may have varying requirements, so it’s advisable to have one handy.

Bank Holidays This Week: Plan Accordingly

Monday to Wednesday (September 25 to 27): Banks will be open for transactions.

Thursday, September 28: A holiday in observance of Milad-un-Nabi or Id-e-Milad.

Friday and Saturday (September 29 and 30): Banks will resume regular working hours, offering another opportunity to exchange or deposit your ₹2,000 notes.