The Reserve Bank of India (RBI) has extended the last date to exchange and deposit ₹2,000 notes till October 7, 2023. “As the period specified for the withdrawal process has come to an end, 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 earlier deadline for returning ₹2,000 notes was set to expire today.
With effect from October 8, the deposit or exchange of ₹2,000 notes at bank branches will be stopped. However, ₹2,000 notes will continue to be legal tender even after October 7, but can be exchanged only at RBI offices, said the central bank.
What customers can do after October 7 deadline:
According to RBI’s statement, customers can continue to exchange these notes at the 19 RBI issue offices up to a limit of ₹20,000 at a time – even after October 7. Also, individuals and entities can tender ₹2,000 bank notes at the 19 RBI issue offices for credit to their bank accounts in India for any amount, the RBI added.
Further, customers from within the country can also send ₹2,000 bank notes through India Post, addressed to any of the 19 RBI issue 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 RBI said. The facility for deposit or exchange of ₹2000 banknotes at the 19 RBI Issue Offices shall be available until further advice,” said the RBI.
About 96 per cent of the ₹2,000 bank notes in circulation as on May 19, 2023 has since been returned, according to the RBI statement. The RBI, citing data received from banks, said that out of the total value of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023.
On May 19, the central bank announced the withdrawal of ₹2,000 currency bills from circulation. ‘’In order to complete the exercise in a time bound manner and to provide adequate time to members of the public, the banks were advised to provide deposit and / or exchange facility for ₹2,000 bank notes until September 30, 2023,” said the RBI. The exchange facility was also made available at the 19 regional offices (ROs) of RBI having issue departments.
