27.3 C
Delhi
Wednesday, July 23, 2025

RBI extends deadline for returning Rs 2000 bank notes till Oct 7, 2023

Date:

Share post:

Donate-GC-Razorpay

New Delhi: The Reserve Bank of India (RBI) on Saturday extended the deadline for exchanging or depositing Rs 2000 banknotes by a week to October 7, 2023.

“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 deposit/exchange of Rs 2000 banknotes until October 7, 2023,” the RBI said in a press release.

As per RBI data, as much as 96% of the Rs 2000 banknotes in circulation as on May 19, 2023 has since been returned.

The RBI had announced the withdrawal of Rs 2000 banknotes from circulation on May 19, 2023 while maintaining that the high-value note will continue to be legal tender. The central bank had advised the general public to return Rs 2000 notes by September 30, 2023.

“According to the data received from banks, of the total value of Rs 3.56 lakh crore of Rs 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 the Rs 2000 banknotes in circulation as on May 19, 2023 has since been returned,” the RBI said.

The RBI said that from October 08, 2023, Rs 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time.

The RBI stated that Rs 2000 banknotes shall continue to be legal tender but advised the public to deposit/exchange the high-value notes without any further delay.

In a communication to banks, RBI asked them to continue to maintain daily data on deposit/exchange of Rs 2000 banknotes in the prescribed format and submit the same.

“With effect from October 8, 2023, banks shall stop accepting Rs 2000 banknotes for credit to accounts or exchange to other denomination banknotes,” it said in the circular to Bank Chiefs.

Related articles

Congress MP moves adjournment motion notice in LS to discuss SIR in Bihar

New Delhi: Congress MP Manickam Tagore today submitted an adjournment motion in the Lok Sabha, demanding an urgent...

India slams Pakistan at UN for terror support, demands accountability and UN reform

New York / New Delhi: Reaffirming its unwavering commitment to international peace, security, and multilateral cooperation , India...

Trump announces ‘massive’ trade agreement with Japan

Washington: US President Donald Trump has announced a long-awaited trade agreement with Japan, a framework between allies and...

India sending medical team to treat victims of Dhaka plane crash

New Delhi: India is sending a team of burn-specialist doctors and nurses to Dhaka to treat the victims...