The Reserve Bank of India (RBI) 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,” the RBI said in a statement.
It is to be noted that the last date for the deposit/exchange of the note was September 30.
The RBI in its latest circular has stated that with effect from October 8, 2023, the deposit/exchange at bank branches shall be stopped.
Rs 2000 banknotes can continue to be exchanged by individuals/entities at 19 RBI Issue Offices up to a limit of Rs 20,000 at a time.
Individuals/entities can tender Rs 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount, said the country’s apex bank.
It stated that such exchange or credit shall be subject to relevant RBI/Government regulations, submission of valid identity documents and due diligence as deemed fit by the 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.
The central bank also stated that even post-October 8, Rs 2000 banknotes shall continue to be legal tender.
On May 19, 2023, the RBI 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.
On September 1, the RBI reported the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023.
As of August 31, 2023, only Rs 0.24 lakh crore worth of Rs 2,000 banknotes were in circulation.