The deadline for exchanging Rs. 2000 notes will now be extended, the Reserve Bank of India stated on Saturday. The central bank’s statement on X (formerly Twitter) states that the new deadline for exchanging Rs 2000 currency notes is October 7. Earlier this year, on May 19, the RBI had stated that Rs 2000 notes would no longer be in circulation. September 30, 2023, was the previous deadline for exchanging the banknotes.
According to official RBI figures, there were Rs 2,000 banknotes in circulation with a total value of Rs 3.56 lakh crore as of May 19, 2023. Additionally, according to RBI statistics, Rs 3.42 lakh crore has already been received.
The final date that was settled upon for the currency note swap was September 30. The public will, however, have additional time to do the exercise thanks to the RBI’s extension. Regarding the date extension, the RBI tweeted on X, the former Twitter.
You can deposit the Rs 2,000 notes at regional RBI locations as well as bank branches. In any bank branch, a non-accounting individual may exchange banknotes for a maximum of Rs 20,000 at a time.
The RBI had stated that the banknotes with the value of Rs 2,000 will continue to be valid forms of payment even after they were taken out of circulation. The RBI also recommended banks to cease printing these currencies right now.
People can submit these currency notes by India Post to any one of the 19 Issue Offices for crediting, or they can deposit them into their Indian bank accounts at Issue Offices. In addition, the statement makes clear that, in the event of a necessity, courts, law enforcement organizations, government agencies, or any other public body participating in investigation or enforcement processes may freely deposit or exchange Rs 2,000 banknotes at any of the 19 RBI Issue Offices.
Once there was an adequate supply of banknotes in other denominations, the objective of issuing Rs 2000 banknotes was accomplished. As a result, during the 2018–19 fiscal year, the manufacture of Rs 2000 banknotes was stopped.