Today is the last day to deposit or exchange ₹2,000 notes. Here's what happens from tomorrow

Today marks the final opportunity for individuals and entities to deposit or exchange the now-defunct ₹2,000 banknotes. The Reserve Bank of India (RBI) had initially set the deadline for this process on September 30 but later extended it to October 7, 2023. As of tomorrow, October 8, exchanging or depositing these notes at bank branches will cease.

However, ₹2,000 notes will still retain their legal tender status post-October 7. Individuals and entities can exchange these notes, albeit with certain conditions. According to RBI, the exchange can be done at any of the 19 RBI Issue Offices across the country, allowing transactions up to ₹20,000 at a time.

Additionally, these notes can be tendered at the RBI Issue Offices for crediting the equivalent amount to bank accounts in India. All transactions, however, are subject to compliance with relevant RBI and government regulations, submission of valid identity documents, and due diligence as determined by RBI.

Exceptions have been made for specific entities like courts, law enforcement agencies, government departments, and public authorities engaged in investigative proceedings or enforcement activities. These organizations can deposit or exchange ₹2,000 banknotes at any of the 19 RBI Issue Offices without any imposed limits.

RBI Governor Shaktikanta Das said on October 6 that ₹3.43 lakh crore worth of ₹2,000 denomination notes have been reintegrated into the system. Starting October 8, the public can return these withdrawn notes exclusively at the designated 19 RBI offices.

As the deadline concludes, individuals and entities are urged to comply with the regulations set forth by the RBI to avoid any inconveniences regarding the exchange or deposit of ₹2,000 banknotes.

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