Is Rs 2000 Banknote Still Legal Tender?
The Reserve Bank of India has repeatedly extended the deadline for exchanging old banknotes. The original deadline was September 30, but it was later extended to October 7. However, a new notification has been released stating that the Rs 2000 banknote can still be exchanged. The RBI Governor, Shaktikanta Das, has confirmed that the Rs 2000 banknote will continue to be accepted at the 19 RBI Issue Offices.
The Reserve Bank of India (RBI) has announced that the currency exchange process will continue, and no deadline has been set. The RBI Governor has stated that approximately 87% of the Rs 2000 banknotes have already been reiterated, but nearly Rs 12000 crores worth of notes still need to be recovered. Therefore, provisions will be made for exchanging the remaining currency.
The RBI has offered two ways for exchanging the Rs 2000 denomination and has set a limit for each transaction. “The Rs 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time. Individuals / Entities can also tender Rs2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount. Such exchange or credit shall be subject to relevant RBI, Government regulations, submission of valid identity documents, and due diligence as deemed fit by RBI.”
The notes can only be exchanged at 19 RBI offices, and a proper procedure has to be followed by filling out a form and providing valid identification. Secondly, the notes must be sent through a registered post to the RBI’s CV&PB and include a self-addressed envelope to receive the legal tender. An amount not exceeding Rs 20,000 can be exchanged at a time.
The bank had already stopped the issuing of Rs 2000 banknotes from May 19 this year. Then onwards, the circulation has almost stopped and has not been a legal tender any longer.
“As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit/exchange of Rs 2000 banknotes…” RBI, Governor.
Time and again, RBI has been issuing deadlines for depositing Rs 2000 banknotes. The RBI Governor has now released a fresh notice for exchanging the banknotes. It has been evident in the past how the ban on 500 and 1000 had created chaos among people and how the opposition tried making situations worse. However, this time, the RBI is giving multiple opportunities to the people to come out and exchange for a legal tender.
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