• Source:JND
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As the Rs 2,000 currency note currency has been withdrawn by the Reserve Bank of India (RBI), the last date to change your notes is September 30. Earlier the State Bank of India (SBI) has said that people don't need to obtain any requisition slip in order to exchange notes. Meanwhile, those who are still left with Rs 2,000 currency notes can be exchanged using the below-mentioned method.

How To Deposit Your Money?

RBI mentioned that there's not any limit for depositing Rs 2,000 notes at the banks, but the usual KYC (Know Your Customer) requirements and other deposit rules will be implied. Meanwhile, people who are using a BSBD (Basic Savings Bank Deposit) or Jan Dhan account will need to follow the deposit limit rules. This means that you must follow the established limits if you want to deposit Rs 2000 notes exceeding the prescribed amount.

Additionally, when making cash deposits at a bank or post office that total more than Rs 50,000 in a single day, people need to give their PAN (Permanent Account Number) in accordance with Rule 114B of the Income Tax Rules.

How Can You Exchange Your Rs 2,000 Currency Notes?

You can easily exchange your Rs 2,000 notes at your nearest bank branch or at 19 Regional Offices (ROs) of the RBI. A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

People are requested to utilise the month of September to deposit or exchange their Rs 2000 banknotes to avoid any rush at the last moment. RBI may or may not revisit the September deadline based on the situation going ahead.

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Rs 2,000 currency note (Image Credits: ANI)

Earlier on May 19, the RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI had advised banks to stop issuing such banknotes with immediate effect.

The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.