There are only two days left before the deadline for submitting/exchanging Rs 2,000 currency notes as tomorrow is a bank holiday in many states.
Individuals were advised to deposit Rs 2000 bank note into a bank account or exchange it for a different denomination of banknote at any bank location. Deposits into bank accounts can be made normally, that is, without limits and in accordance with current directives and other relevant RBI guidelines.
The RBI has set a maximum of Rs 20000 on the amount that can be exchanged for a single Rs 2000 note.
Here is a step-by-step guide to exchange Rs 2,000 notes in a bank
Step 1 – Visit the nearest bank branch with Rs 2000 notes available with you.
Step 2- Fill in the requisition slip, enter the details required to facilitate the exchange process of Rs 2000 notes.
Step 3: Submit the slip along with Rs 2000 notes to be exchanged with other denominations.
Where to exchange Rs 2000 bank noteIndividuals can exchange at bank branches. The process may differ depending on the bank. In the case of an exchange of Rs 2,000 notes, the RBI governor stated that banks will follow their own procedures and norms.
How much amount is returned to bank
According to the RBI press release dated September 1, 2023, “According to the data received from the banks, the total value of Rs2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs0.24 lakh crore. Thus, 93% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned.The maximum deposit amount is not specified. However, general KYC and other regulatory restrictions for cash deposits will apply. In compliance with income tax requirements, if you deposit more than Rs 50,000 in a single transaction, you must provide your PAN information. An RBI announcement states that you can exchange up to Rs 20,000 in banknotes at a time.
Documents: Is PAN mandatory to submit Rs 2000
Keep in mind that if you deposit more than Rs 50,000 in a single transaction, you must quote your PAN in accordance with income tax regulations.
Rule 114B of the Income Tax Rules requires an individual to quote his/her PAN if the cash deposit in a single day with a bank or post office exceeds Rs 50,000. However, if the amount deposited does not exceed Rs 50,000 in a single day, quoting PAN is not required.Also read: PAN is mandatory to deposit Rs 2000 notes above this amount in bank account
Bank holiday
Banks in most states are closed tomorrow on the occasion of Eid- Milad festival. Individuals who are holding Rs 2000 can do it on Friday or Saturday.
On September 28, 2023, banks are closed in Gujarat, Mizoram, Maharashtra, Karnataka, Tanil Nadu, UttaraKhand, Telangana, Manipur, Uttar Pradesh, New Delhi, Chhattisgarh, Jharkhand.
