The deadline for returning Rs. 2,000 currency notes is Monday, September 30, 2023. The Reserve Bank of India (RBI) has issued a directive urging the public to exchange or deposit these banknotes by the deadline.

What happens if you miss the deadline?

According to the RBI, individuals can still make transactions with Rs. 2,000 banknotes after September 30, as they will remain legal tender. However, it is advisable to exchange the notes as many businesses may stop accepting them. Amazon has already ceased accepting Rs. 2,000 banknotes.

Individuals can deposit or exchange up to Rs. 20,000 in Rs. 2,000 banknotes. After the deadline, depositors will have to follow Know Your Customer (KYC) norms and other statutory requirements. Individuals can exchange Rs. 2,000 banknotes at banks even if they do not have a bank account.

Individuals who do not have bank accounts in their name can use the services of business correspondents (BCs), or bank agents.

How many Rs. 2,000 banknotes have been returned to the banking system so far?

As of August 31, 2023, 93% of the Rs. 2,000 banknotes that were withdrawn by the RBI on May 19, 2023, have been returned to the banking system. This is equivalent to Rs. 3.32 lakh crore.

Why did the RBI withdraw the Rs. 2,000 banknotes?

The RBI has not yet released any information about the reasons for withdrawing the Rs. 2,000 banknotes. However, some experts believe that the decision was made to curb counterfeiting and to improve the efficiency of the banking system.

What is the RBI”s next move?

The RBI has said that it will continue to monitor the situation and take further action as needed.