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Last Chance To Exchange Rs 2,000 Notes: Deadline Closes On September 30, All You Need To know

The deadline for depositing or exchanging Rs 2,000 currency notes is just two days away. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 banknotes from circulation and urged the public to utilize the remaining period until September 30, 2023, to take necessary action.

As this crucial deadline approaches, it is essential for the public to grasp the implications and act promptly.
Here are the options available to individuals who still possess these notes:

- Deposit the notes: Individuals can visit their nearest bank branch and deposit their Rs 2,000 notes into their bank account.

- Exchange for other denominations: Alternatively, they can exchange these notes for different currency denominations at any bank branch across the country.

To exchange Rs 2000 currency notes , individuals should adhere to the following procedure:

-Visit a nearby bank branch:
Start by finding the nearest bank branch in your vicinity.

-Submit the notes: Present the Rs 2000 notes for exchange. It's crucial to remember that standard KYC (Know Your Customer) requirements and other legal deposit regulations will still be in effect.

-Receive exchanged notes: Upon completion of the process, you will be provided with the exchanged notes.

Earlier this month, the Reserve Bank of India reported that 93% of the Rs 2,000 currency notes in circulation on May 19, the day they were withdrawn, have been returned to banks. In a statement, the RBI said that based on data from banks, the total value of Rs 2,000 banknotes received back from circulation as of August 31, 2023, amounts to Rs 3.32 lakh crore.

"Consequently, Rs 2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said.

RBI has created a FAQ section to address queries related to Rs 2000 Denomination Banknotes. You can check the FAQ section on the official RBI website here: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=157

Bank Holiday In Maharashtra

According to the Reserve Bank of India, the markets for government securities, foreign exchange, money, and rupee interest rate derivatives will be operational on both Thursday and Friday.

The Maharashtra government has announced that September 29 will be observed as a public holiday in accordance with Section 25 of the Negotiable Instruments Act, 1881. The previously declared public holiday on September 28, 2023, has been revoked.