1 / 8Days after the Reserve Bank of India (RBI) announced that it was withdrawing Rs 2,000 denomination banknotes from circulation, shopkeepers and vendors were unwilling to accept the currency notes from customers. This is despite the fact that the RBI’s announcement said that the Rs 2,000 currency notes will continue to remain legal tender for now.2 / 8On Monday, RBI Governor Shaktikanta Das said people will have time till September 30, 2023, to deposit or exchange their Rs 2,000 notes at banks. When asked if these notes will remain legal tender after the deadline, the RBI governor said a call will be taken.3 / 8 Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise.4 / 8In a release, the central bank said that this is being done under its 'Clean Note Policy'.5 / 8The RBI may extend the deadline from September 30 if needed, but even if anyone has a ₹ 2,000 note after the current deadline, it will remain a valid tender6 / 8It is not necessary for a person to be a customer of the bank to exchange soon-to-be-discontinued currency. A non-account holder can exchange ₹ 2,000 banknotes up to a limit of ₹ 20,000 at a time at any bank branch.7 / 8The RBI clarified that people don't have to pay any fee to avail of the exchange facility. Further, banks have been instructed to make arrangements to reduce inconvenience for senior citizens and persons with disabilities who wish to exchange or deposit ₹ 2,000 banknotes.About 89 per cent of the ₹ 2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years.8 / 8According to the Bank of Baroda's research note, if 50 percent of the total Rs 2000 notes are deposited in the banks, the deposits will increase by Rs 1.8 lakh crore.