In a much anticipated move, the Reserve Bank of India has extended the deadline to exchange and deposit Rs 2000 notes to 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 Rs2000 banknotes until October 07, 2023,” RBI said in a statement.
It is to be noted that the last date for the deposit/exchange of the note was September 30. It was anticipated that the last date will be extended as some share of the notes were still in circulations.
What RBI said on Rs 2000 banknotes?
In its latest circular, the central bank said with effect from October 8, 2023, the deposit/exchange of the banknotes at bank branches shall be stopped.
Rs 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs 20,000/- at a time.
From October 8, Individuals/Entities can tender Rs 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
It also stated that the Individuals/Entities from within the country can also send Rs 2000 banknotes 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, and the submission of valid identity documents and due diligence as deemed fit by RBI.
Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit / exchange Rs 2000 banknotes at any of the 19 RBI Issue Offices without any limit.
Status on banknotes in circulation
RBI has told that Rs 3.42 lakh crore has been received back leaving only Rs 0.14 lakh crore in circulation as at the close of business on September 29. Thus, 96% of Rs 2000 banknotes in circulation as on May 19 has since been returned.
Earlier the bank had notified that on September 1, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. Only Rs 0.24 lakh crore worth of Rs 2,000 banknotes were in circulation.
On May 19, 2023, RBI had announced the withdrawal of Rs 2000 banknotes and said they continue to remain as legal tender.
It had advised the masses to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
