Last Day To Exchange ₹2,000 Notes. What If You Miss Or Forget?
Today is the last day to exchange or return ₹2,000 currency notes, as announced by the Reserve Bank of India (RBI).
Starting from October 1, ₹2,000 notes will no longer be considered as money. They will become like regular pieces of paper. This change comes four months after the RBI said they would take these notes out of circulation.
So, what happens if you have ₹2,000 notes after today’s deadline? Well, technically, they are still legal money, but most places won’t accept them for buying things. You can only exchange them at the RBI.
Here’s How You Can Exchange ₹2,000 Notes:
- Visit your nearest bank or one of the 19 regional offices of the RBI.
- Fill out a ‘request slip’ to exchange or deposit the old notes.
- Provide your identification details like Aadhaar, driver’s license, voter ID, passport, or NREGA card.
- Specify how many notes you want to exchange.
But keep in mind, there’s a limit of ₹20,000 in ₹2,000 notes that can be exchanged for smaller denominations at one time.
The RBI shared that since May, about 93% of these notes have already been returned to the banks. That’s a lot! The total value of ₹2,000 notes returned until August 31, 2023, was ₹3.32 lakh crore.
Now, you might wonder why the RBI decided to stop using ₹2,000 notes. Well, back in November 2016, they introduced these notes to quickly provide enough money after removing the ₹500 and ₹1,000 notes from circulation.
Once enough of the other notes were available, they didn’t need the ₹2,000 ones anymore, so they decided to take them out.
So, if you have any ₹2,000 notes left, please make sure to exchange them today, or they’ll be like a normal piece of paper.
But what will happen if, after a month or two, you find some ₹2,000 rupee notes in your wardrobe or in the pocket of an old pair of jeans? What will you do then? O my God, the currency notes are now illegal; they won’t be accepted in the market!
Don’t worry, these 2,000 rupee notes won’t be illegal. You just won’t be able to exchange them in the market or use them to make purchases.
In such a situation, you’ll need to go to an RBI (Reserve Bank of India) office and exchange them there. However, make sure you don’t have such a large amount that raises suspicions or gets counted as black money.
However, I would advise you to thoroughly check your home, office, or business place so that you don’t face any problems in the future!