Today is the last day to return your Rs. 2000 currency notes. What happens after deadline?

Come October 1, the note will be just another piece of paper with no value. This comes months after the central bank announced that the Rs. 2000 notes will be taken out of circulation.

Hyderabad: Have you returned or exchanged your Rs. 2000 denomination notes yet? Today is the last day to do so, for the note will cease to have its value from October 1, according to the Reserve Bank of India (RBI).

Come October 1, the note will be just another piece of paper with no value. This comes months after the central bank announced that the Rs. 2000 notes will be taken out of circulation. Notably, the notes were introduced in November 2016 after Prime Minister Narendra Modi  scrapped high denomination notes of Rs. 500 and Rs. 1000 overnight.

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What next?

According to RBI, the currency notes will remain to be legal even after the deadline but will not be accepted for transactions. The notes however, can be exchanged only with RBI.

The RBI said on September 1 that about 93% of the notes have returned to the banking system since May 2023 and that the total value of the notes taken out of circulation was Rs. 3.32 lakh crore up to August 31, it said in a statement earlier.