RBI Extends Deadline To Exchange Rs 2,000 Banknotes Till October 7

The deadline for depositing or exchanging Rs 2,000 notes has been extended by the Reserve Bank of India (RBI) until October 7, 2023. After this date, these notes can only be exchanged at the 19 RBI issue offices as local banks will no longer offer this service.

The RBI on Saturday issued a statement that stated. "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 Rs 2000 banknotes until October 07, 2023,"

The text implies that as of May 19, 2023, 96 per cent of the ₹2000 banknotes in circulation have been subsequently brought back. The RBI said, "₹2000 banknotes shall continue to be legal tender."

In addition to local commercial banks, the option to exchange Rs 2,000 notes up to a total amount of Rs 20,000 in one go is available at 19 regional offices of the RBI.

The Reserve Bank of India had previously set September 30, 2023, as the final day for depositing or swapping banknotes. The RBI had in May decided to withdraw Rs 2,000 banknotes from circulation.

The latest notification from RBI indicates that the process for depositing or exchanging Rs 2000 notes will be as follows, effective after the October 7 deadline:

a) The deposit/exchange at bank branches shall be stopped.

b) ₹2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time.

c) Individuals/Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.

d) Individuals / Entities from within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.

The RBI began issuing the ₹ 2,000 banknotes in November 2016, following the sudden removal of ₹ 1,000 and ₹ 500 denominations by PM Modi.