After October 7, the Rs 2,000 denomination notes will lose their monetary value, as per the Reserve Bank of India’s (RBI) deadline for exchange or deposit. Initially slated for October 1, this extension was announced last Saturday. The RBI had revealed last month that 93 percent of these notes had returned to the banking system. The Rs 2,000 notes were withdrawn from circulation on May 19, with nearly four months provided for exchange or deposit, allowing a maximum of ten notes (Rs 20,000) to be exchanged at any bank.
Introduced in November 2016 following the demonetization of Rs 500 and Rs 1,000 notes, the RBI ceased printing Rs 2,000 notes during the 2018-19 period.
For those with bank accounts, the exchange or deposit of Rs 2,000 notes can be done at their respective bank branches, requiring no separate application or ID proof. Individuals without bank accounts can also exchange these notes at any bank branch without ID proof. The exchange limit stands at Rs 20,000 (ten Rs 2,000 notes), and the service is free. This facility is available at all 19 Regional Offices (RO) of the RBI, as well as at any bank branch. Deposits of Rs 2,000 notes can be made in banks where individuals have accounts, with no specific limit, but KYC (Know Your Customer) and other deposit requirements apply.
Rule 114B of the Income Tax Rules, 1962, mandates PAN quoting for deposits exceeding Rs 50,000 in a post office or bank in a single day. Depositors exceeding this threshold while depositing Rs 2,000 notes must provide a PAN number. However, amounts below Rs 50,000 do not necessitate PAN details. The current deposit limit also applies to the Jan Dhan Yojana and basic savings bank accounts.
It’s important to note that Amazon has ceased accepting Rs 2,000 notes for cash-on-delivery orders since September 19.
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