The Reserve Bank of India (RBI) has reached the deadline for exchanging Rs 2000 notes, marking a significant step towards demonetization. From October 1st, these notes will no longer be considered legal tender. The decision to withdraw Rs 2000 notes was made last May, with RBI reporting that 93 percent of these notes have already been returned.
Starting from May 19, RBI had placed restrictions on the sale and purchase of Rs 2000 notes. Until today, individuals have had the opportunity to exchange these notes, with a limit of up to 20,000 rupees per transaction. This move follows the demonetization initiative in 2016, during which the 2000 rupee note was introduced.
It’s noteworthy that the printing of Rs 2000 notes had been halted during 2018-19. Subsequently, restrictions on their sale and purchase were implemented and later lifted. Those wishing to exchange these notes can do so at RBI’s regional offices or authorized banks. Additionally, individuals can deposit Rs 2000 notes in their bank accounts without any specific deposit limit. However, standard KYC (Know Your Customer) and other cash deposit regulations will apply.