RBI extends deadline for exchange of Rs 2,000 notes to October 7-2,000ನೋಟು ಬದಲಾವಣೆಗೆ ಅಕ್ಟೋಬರ್ 7ರವರೆಗೆ ಕಾಲವಕಾಶ

NEW DELHI: The Reserve Bank of India (RBI) on Saturday extended the last date for the exchange of Rs 2,000 banknotes till October 7, 2023.
The original deadline was set to expire on October 1.

“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 the deposit/exchange of Rs 2000 banknotes until October 07, 2023,” the apex bank said in a statement.

The RBI added that based on the data received from banks, of the total value of Rs 3.56 lakh crore worth of Rs 2,000 banknotes in circulation as on May 19, 2023, Rs 3.42 lakh crore has been received.

This means that only Rs 0.14 lakh crore worth of Rs 2,000 notes are in circulation as of September 29, 2023.

“Thus, 96% of the Rs 2,000 banknotes in circulation as on May 19, 2023 has since been returned,” it said.

On May 19, the RBI had announced that it will withdraw the Rs 2,000 denomination banknotes from circulation starting October 1.

The note would remain as legal tender until the exchange deadline.
However, RBI had advised banks to stop issuing such banknotes with immediate effect.

The Rs 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the demonetization exercise led to the scrapping of Rs 500 and Rs 1000 banknotes.