The last day to deposit and exchange notes of Rs 2,000 has been extended by the Reserve Bank of India to October 7, 2023. The central bank has already announced that all Rs 2,000 notes have to be replaced by September 30.
Details on RBI extends the deadline for submitting notes of Rs 2000 until October 7
The RBI reported that after issuing its circular on May 19 indicating that the currency notes will be taken out of circulation, it has collected Rs 3.42 lakh crore worth of Rs 2,000 banknotes as of September 29. It further stated that there are still notes in circulation with a value of Rs 0.14 lakh crore.
The RBI reviewed the situation after the initial deadline had passed and decided to extend the deadline for depositing and exchanging Rs 2,000 banknotes to October 7.
The central bank has made it clear that, effective of October 8, banks will no longer accept Rs 2,000 banknotes for conversion into other denominations of banknotes or for crediting accounts. However, individuals can go to one of the 19 RBI Issue offices and exchange up to 20,000 rupees worth of the Rs 2,000 banknotes at once.
The money will be credited to the appropriate bank accounts if the banknotes are sent to the RBI Issue offices via India Post. Such an exchange or credit shall be subject to applicable RBI or federal government rules, the presentation of legitimate identification documents, and such due diligence as the central bank may judge appropriate.
Following the demonetization of the previous Rs. 500 and Rs. 1,000 banknotes in November 2016, the new Rs. 2,000 currency note was released. The RBI claims that after money in other denominations was widely accessible, the goal of launching the Rs 2,000 banknotes was achieved. In 2018–19, production of Rs 2,000 banknotes was halted.
