Procedure for deposit/exchange of ₹2000 banknotes if one misses deadline of 07.10.2023. Extension of date for deposit / exchange of ₹2000 banknotes until October 07, 2023.
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation and facility for deposit and / or exchange for ₹2000 banknotes was provided via banks until September 30, 2023.
According to the RBI, the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore had been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023. Thus, 96% of the ₹2000 banknotes in circulation as on May 19, 2023 had returned till 29.09.2023.
However, RBI has decided to extend the current arrangement for deposit / exchange of ₹2000 banknotes until October 07, 2023.
(i) The deposit / exchange at bank branches shall be stopped.
(ii) ₹2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time.
(iii) Individuals / Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
(iv) Individuals / Entities from within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.
(v) 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.
(vi) Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit / exchange ₹2000 banknotes at any of the 19 RBI Issue Offices without any limit.
It has been clarified that ₹2000 banknotes shall continue to be legal tender and the facility for deposit / exchange of ₹2000 banknotes at the 19 RBI Issue Offices shall be available till further advice.
Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent…
NALCO invites RFP for empanelment of Chartered Accountant Firms for verification of Stores/Spares and movable assets. NALCO has invited Request…
Sending or bringing currency of Nepal and Bhutan - RBI revises exiting regulations RBI has notified the Foreign Exchange Management…
Entire manufacturing process though by distinct units relevant for exemption from excise duty on account of manufacture without aid of…
High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the…
Penalty u/s 270A quashed as there was no satisfaction in the penalty order on what exactly was under reporting of…