RBI Grants Extension for ₹2,000 Note Exchange Until October 7

RBI had announced the withdrawal of ₹2000 banknotes from circulation on May 19. It had asked the masses to exchange their notes by September 30, 2023.

The extension of the deadline appears to be aimed at providing more time to the masses to deposit the notes without last-minute hassles.

The apex bank had also provided the exchange facility at its 19 Regional Offices.

According to RBI data, on May 19, ₹2000 notes of the total value ₹3.56 lakh crore were in circulation. The banks have received ₹3.42 lakh crore worth of ₹2000 notes back as of September 29. This means only ₹0.14 lakh crore worth of notes are still in circulation.

RBI said in a statement that around 96 percent of ₹2000 notes in circulation as on May 19 has been returned.

"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," it reads.

"With effect from October 08, 2023, the procedure for deposit/exchange of ₹2000 banknotes shall be as under: 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," it added.

The RBI statement further said that courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement can exchange ₹2000 banknotes at its 19 RBI Issue Offices without any limit.

These banknotes continue to remain legal tender, it added.