Rs 2000 Note Exchange Deadline Pushed to October 7 : Act Now

Rs 2000 notes

Over 97% Rs 2000 notes returned; RBI says denomination continues to be legal tender

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The Reserve Bank of India (RBI) has given an extension till October 7 to exchange Rs 2000 notes. On May 19, the RBI announced that Rs 2000 notes were going to be withdrawn from circulation. They asked people to exchange their banknotes at banks until 30th September 2023.

As per further information from the press release of Reserve Bank of India,

·         Of the total value of Rs 3.56 lakh crore of 2000 banknotes in circulation as on May 19, 2023, Rs 3.42 lakh crore has been received back, leaving only Rs 0.14 lakh crore in circulation as at the close of business on September 29, 2023; thus, 96% of Rs 2000 banknotes in circulation, as on May 19, 2023, have been returned.

·         As the period specified for the withdrawal 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. Banks shall continue to maintain daily data on deposit / exchange of Rs 2000 banknotes and submit the same to RBI.

·         With effect from October 8, 2023, banks shall stop accepting Rs 2000 banknotes for credit to accounts or exchange to other denomination banknotes.

·         Rs 2000 banknotes shall continue to be allowed to be presented at the 19 Regional Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or exchange.

·         Banks shall also ensure that Rs 2000 banknotes collected by their branches till October 07, 2023, are deposited at currency chests on or before October 13, 2023.

Shreyas Vange