Financial Services News

RBI extends deadline for exchange of ₹2,000 notes till October 7

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File picture of a bank customer depositing ₹2,000 currency note

File picture of a bank customer depositing ₹2,000 currency note
| Photo Credit: R. Ragu

The Reserve Bank of India (RBI) has extended the deadline for exchange and deposit of ₹2,000 bank notes until October 7, adding that the denomination will continue to be legal tender even after the date. From October 8, individuals and entities can exchange ₹2,000 notes at RBI issue offices.

The earlier deadline to deposit and exchange the note was today, September 30.

An RBI notification said that deposit or exchange of ₹2,000 notes at bank branches would be stopped from October 8, but can be exchanged at the 19 RBI Issue Offices up to a limit of ₹20,000 at a time.

Individuals and entities within the country can also send ₹2,000 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, said the central bank, shall be subject to relevant RBI and Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.

However, courts, law enforcement agencies, government departments and other public authority involved in investigation proceedings or enforcement, may deposit and exchange the ₹2,000 notes at any of the RBI Issue Offices without any limit.

According to the data received from banks, of the total value of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore has been received back, leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023.

Thus, 96% of the ₹2,000 banknotes in circulation as on May 19, 2023 has since been returned.

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