This is the final week now...
According to the RBI's "policy”, now currency note of Rs. 2,000 note will lose its status as legal tender after September 30, 2023.
On May 23, the process of exchanging or depositing the Rs. 2,000 notes began.
This week marks the final chance for people to exchange or deposit Rs. 2,000 notes.
RBI stated that individuals can deposit Rs. 2,000 notes at their respective banks without any specific limit.
However, it is important to note that the usual KYC (Know Your Customer) requirements and other legal deposit norms will still be applicable.
For those using a BSBD (Basic Savings Bank Deposit) or Jan Dhan account, the regular deposit limits will continue to be in effect.
This means that if you wish to deposit Rs. 2000 notes exceeding a certain amount in these accounts, you will need to adhere to the prescribed limits.
In accordance with Rule 114B of the Income Tax Rules, individuals required their PAN card when making cash deposits exceeding Rs. 50,000 in a single day at a bank and post office as well.
Until September 30, individuals also have the facility to exchange Rs. 2000 notes at 19 Regional Offices (ROs) of the RBI.
One can also exchange Rs. 2000 banknotes at any nearby bank branch as well.
The RBI's guidelines are straightforward: As these notes are legal tender, the exchange should be done without the requirement of a request slip or ID proof.
However, some public sector banks have implemented a different approach.
Therefore, it is compulsory to have an ID proof handy when exchanging this currency to ensure a smooth transaction.