Last day to exchange Rs 2000 notes: What you need to know

Rs 2000

New Delhi: If you have any Rs 2000 notes, today is your last chance to exchange them at banks. The Reserve Bank of India (RBI) has extended the deadline for exchanging and depositing these notes till today, 7th October, after seeing the heavy rush at banks. However, after today, you will have to go to one of the 19 RBI regional offices in the country to exchange these notes, and there will be a limit of Rs 20,000 per transaction.

The RBI announced the withdrawal of Rs 2000 notes from circulation in May this year, citing the need to curb black money and counterfeit currency. According to RBI Governor Shaktikanta Das, out of the Rs 3.43 lakh crore worth of Rs 2000 notes in circulation, 87% have been returned to the banking system as deposits. However, he also said there are still Rs 12,000 crore worth of Rs 2000 notes in the market that have not been exchanged or deposited.

₹ 2000 note

The RBI has urged the public and institutions to exchange these notes as soon as possible, as they will become invalid after today. The RBI has also clarified that the withdrawal of Rs 2000 notes does not affect the legal tender status of other denominations of banknotes.