The Reserve Bank of India (RBI) has prolonged the timeframe for the exchange and deposit of 2,000-rupee notes until October 7th. It’s worth noting that on May 19, the RBI discontinued the use of 2,000-rupee notes and provided a grace period of approximately four months for individuals to either deposit or exchange these notes.
The RBI had initially set September 30 as the deadline for exchanging or depositing these notes. However, as today falls on the rare occurrence of a fifth Saturday when banks are open, individuals still have the opportunity to visit their nearest bank branch and complete the exchange or deposit of their 2,000-rupee notes. This can be done at both bank branches and regional RBI branches. It’s important to note that even individuals without a bank account can exchange 2,000-rupee notes, with a limit of Rs 20,000 per transaction, at any bank branch. The 2,000-rupee notes will remain valid currency beyond October 7, but individuals can only exchange them at RBI offices. Bank branches will no longer accept these notes for deposit or exchange.
