Notes Exchange: Face big trouble, if not exchange Rs 2000 before September 30
Four days to go for deadline of exchange Rs 2000 notes. If you have Rs 2000 notes, it is advised to go to the bank and exchange them now to avoid last minute confusion. Otherwise you will face big trouble.
The Reserve Bank of India (RBI) announced on May 19, 2023 to demonetize Rs 2,000 notes. September 30 is the last day for notes exchange, four days left for the deadline. RBI has advised you to deposit your Rs 2000 notes in banks by September 30 or exchange them for notes of other denominations.
How to replace Rs 2000 notes:
The facility to exchange Rs 2000 notes is available till September 30. This transaction can be done at your nearest bank branches. You can deposit Rs 2,000 notes into your bank accounts till September 30 or exchange it for another note.
The initiative is designed to minimize disruption to the normal functioning of bank branches. The maximum value of notes you can exchange is Rs 20,000. Adherence to KYC norms and other legal procedures are mandatory while depositing Rs 2,000 notes into a bank account.
RBI has made it clear that there is no specific deposit limit for deposits. But some statutory requirements apply. While depositing notes into a General Savings Bank Deposit (BSBD) or Jandhan account, normal limits apply. Individuals who deposit Rs 50,000 or more have to comply with Rule 114B of the Income Tax Rules. It requires providing PAN number. Mention of PAN number is not mandatory if deposit is less than Rs 50,000 in a single day.
What happens if not exchange note before September 30:
If you keep these notes with you even after September 30, it is not a crime. Even then the note remains legal. But you will face big troble for your finance, it cannot be used in the market. RBI will get it back. But you have to give an explanation as to why you have not returned it within a certain deadline.
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According to data provided by the RBI, approximately 93 percent of the notes in circulation have returned to banks. The total value of the notes is Rs 3.32 lakh crore Rs 2,000 deposited in banks by August 31, 2023. Rs 2,000 notes worth Rs 0.24 lakh crore remain in circulation.
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