Mumbai: The Reserve Bank of India (RBI) has announced an extension of the deadline for exchanging and depositing ₹2,000 notes until October 7, 2023.
‘As the specified period for the withdrawal process has concluded, the Reserve Bank of India (RBI) has announced an extension of the current arrangement for depositing or exchanging ₹2000 banknotes until October 07, 2023,’ stated the RBI in a press release. Prior to this decision, the deadline for returning ₹2,000 notes was scheduled to expire on September 30.
With effect from October 8th, depositing or exchanging ₹2,000 notes at bank branches will no longer be permissible. However, ₹2,000 notes will retain their status as legal tender even after October 7th; they can only be exchanged at RBI offices, as stated by the central bank.
Guidelines if you exceed October 7
- According to the statement released by RBI, customers will be able to exchange these notes at any of the 19 RBI issue offices, even after October 7. The exchange limit will remain at ₹20,000 at a time.
- 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.
- 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, as stated by the RBI.
About 96% of the banknotes in circulation as of May 19, 2023, have been returned, as stated by the RBI. 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 made an official announcement to cease the circulation of ₹2,000 currency bills.
