Those holding Rs 2,000 currency notes after Sept. 30 may have to approach the Reserve Bank of India’s regional offices to exchange them, according to a person with knowledge of the matter.
The public will likely not be allowed to transact in Rs 2,000 currency notes after the deadline, the person said on condition of anonymity.
BQ Prime’s queries emailed to the RBI didn’t elicit an immediate response.
While the Rs 2,000 notes will remain legal tender, banks are unlikely to accept the notes for deposits or exchange after Sept. 30, the person quoted earlier said.
Legal tender status means that people can still get the full value of a Rs 2,000 note if they seek to exchange it.
The RBI announced on Friday that it was withdrawing the Rs 2,000 currency note from circulation with immediate effect. Users can either deposit their currency notes at their bank branch or exchange the notes for other denominations at any bank branch or RBI regional office. Such swaps are capped at Rs 20,000 at a time.
While there is no limit on depositing such notes in accounts, customers will need to submit PAN details if the amount is more than Rs 50,000, as is the requirement at banks.
The exchange facility at the RBI, which opened on Tuesday, has so far not found many takers. Branches across major cities did not see many users lining up to swap their Rs 2,000 currency notes on Tuesday morning.