Know this new RBI Move before you continue to risk keeping a 2000 Rupee note at home

Today is the last day to return or exchange currency with a denomination of 2,000. The rupee two thousand notes will lose its value as of October 1 and become just another piece of paper, according to the Reserve Bank of India (RBI).

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This occurs after the central bank declared that banknotes with a denomination of 2,000 will no longer be in use. Notably, the RBI began issuing the high-value Rs. 2,000 note in November 2016 following Prime Minister Narendra Modi's midnight abolition of the Rs. 1,000 and 500 notes.

Procedure for exchanging notes

The exchange should be carried out without the need for request slip or identification evidence because these notes are legal currency, in accordance with RBI regulations. Some public sector banks, though, have adopted a different strategy. Therefore, to guarantee a smooth exchange of this cash, it is advised to have a copy of your ID on available.

People can exchange 2000 rupee notes at 19 Regional Offices (ROs) of the RBI. In addition, anyone can exchange 2000 rupee bills at any neighbouring bank office.

Earlier this year, the RBI reported that since the central bank decided to stop issuing the high-value note in May, over 93% of the 2,000 banknotes had been returned to the banking system.

After today's cutoff, the following will happen to the currency note worth 2,000

After today, the RBI is the only place where the notes can be exchanged.  The 2,000 rupee note will continue to be legal money even after the deadline of September 30; however, it will no longer be accepted for payments.

As a result, this is the last day when individuals can swap or deposit 2,000 notes to their particular banks without any constraints. Any bank branch allowed non-account holders to swap the banknotes up to a maximum of 20,000 at once.

The standard KYC (Know Your Customer) procedures and other legal deposit norms will still apply, it is vital to remember.

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