DENOMINATION OF RS 2000 CURRENCY NOTES IMPACT TO BUSINESS TRANSACTIONS

Denomination of Rs 2000 Currency Notes

Impact to Business Transactions

 

1.    Can ₹2000 banknotes be used for normal transactions?

 

Yes. Members of the public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.

 

2.    What should business do with the ₹2000 denomination banknotes held by them?

 

Business may approach bank branches for deposit and/or exchange of ₹2000 banknotes held by them.

 

3.    Can business accept Rs. 2000 Notes from customers?

 

Yes, it is legal tender till 30.09.2023. As per income Tax Act, Maximum Rs. 200000/- can be accepted in cash from any person per year.

 

4.    Can business deposit Rs. 2000 notes in Bank account? Any limit?

 

Yes, Rs. 2000 notes can be deposited in banks. There is not limit on cash deposit in bank.

 

5.    Can business make payments in Cash using Rs. 2000 notes?

 

Yes, but as per Income tax Act Maximum Rs. 10000/- per day can be paid through Cash.