The last date to deposit Rs 2,000 currency notes has been extended to October 7 from the earlier deadline of September 30 by the Reserve Bank of India.
The Reserve Bank of India extended the last date to deposit and exchange Rs 2,000 denomination banknotes to October 7, 2023. In an earlier notification, the central bank had said all Rs 2,000 currency notes must be exchanged before September 30.
The RBI said that by September 29, it had collected Rs 3.42 lakh crore worth of Rs 2,000 banknotes after it issued its circular on May 19 announcing that the currency notes would be withdrawn from circulation. It added that Rs 0.14 lakh crore worth of the 2,000 denomination notes are still in circulation.
Given the initial deadline had come to an end, the RBI conducted a review of the situation and decided to extend the last date to deposit and exchange Rs 2,000 banknotes to October 7.
The central bank also clarified that starting from October 8, banks will cease accepting Rs 2,000 banknotes for credit to accounts or exchange into other denomination banknotes. However, people can approach the 19 RBI Issue offices to exchange the Rs 2,000 banknotes up to a limit of Rs 20,000 at a time.
The banknotes can also be sent to the RBI Issue offices through India Post and the amount will be credited to respective bank accounts. Such exchange or credit shall be subject to relevant regulations of the RBI or the central government, submission of valid identity documents and due diligence as deemed fit by the central bank.
The Rs 2,000 denomination currency note was introduced in November 2016 following the demonetisation of Rs 1,000 and the old Rs 500 banknotes. According to the RBI, the objective of introducing the Rs 2,000 banknotes was met once currency in other denominations became available in adequate quantities. The printing of Rs 2,000 banknotes was stopped in 2018-19.