The RBI has extended the deadline for exchanging Rs 2,000 notes until October 7.


According to the RBI, while deposits and exchanges in bank branches will be discontinued after October 7, clients can continue to swap these notes at the 19 RBI issuance offices up to a limit of 20,000 at a time.

The RBI has extended the deadline for exchanging Rs 2,000 notes until October 7.
The RBI has extended the deadline for exchanging Rs 2,000 notes until October 7.

 

The Reserve Bank of India (RBI) has extended the deadline for exchanging and depositing 2,000 rupee notes till October 7, 2023. “As the withdrawal period has expired, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of 2000 banknotes until October 07, 2023,” the RBI said in a press release on Saturday, September 30. The previous deadline for returning 2,000 notes expired today.

The deposit or exchange of 2,000 notes at bank offices will be prohibited from October 8. However, 2,000 notes will remain legal tender even after October 7, but can only be exchanged at RBI offices, according to the central bank.

What will costumers do after October 7 deadline:

Customers can continue to exchange these notes at the 19 RBI issuance offices up to a limit of 20,000 at a time, according to the RBI statement, even after October 7. Individuals and corporations can also tender 2,000 bank notes at any of the 19 RBI issuing offices for credit to their bank accounts in India for any amount, according to the RBI.

Customers from within India can also send 2,000 bank notes via India Post to any of the 19 RBI issuing offices for credit to their bank accounts in India.

“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,” the central bank stated. ”Until further notice, the opportunity for depositing or exchanging 2000 banknotes at the 19 RBI Issue Offices will be accessible,” said the RBI.

According to the RBI statement, almost 96% of the 2,000 bank notes in circulation as of May 19, 2023 have already been returned. According to the RBI, citing statistics from banks, out of the total amount of 3.56 lakh crore of 2,000 banknotes in circulation as of May 19, 2023, 3.42 lakh crore has been returned, leaving only 0.14 lakh crore in circulation as of the close of business on September 29, 2023.

The central bank announced the withdrawal of 2,000 currency bills from circulation on May 19. ”In order to conduct the exercise in a timely way and to provide members of the public ample time, banks were instructed to provide deposit and/or exchange facility for 2,000 bank notes till September 30, 2023,” stated the RBI. The exchange function is also available at the RBI’s 19 regional offices (ROs) with issue departments.

Also Read: can you use Rs 2000 notes after September 30


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