The Reserve Bank of India (RBI) has extended the deadline for the exchange of ₹2,000 banknotes until October 7, 2023. The central bank had previously announced the withdrawal of ₹2,000 banknotes from circulation and set September 30, 2023, as the deadline for the public to exchange or deposit these notes.
This extension is seen as an effort to provide the public with additional time to complete the exchange process without last-minute inconveniences. The RBI has also offered exchange facilities at its 19 Regional Offices.
As per RBI data, on May 19, 2023, ₹2,000 notes worth ₹3.56 lakh crore were in circulation, of which ₹3.42 lakh crore has been returned to banks as of September 29. This indicates that only ₹0.14 lakh crore worth of ₹2,000 notes remain in circulation.
The RBI stated that approximately 96 percent of ₹2,000 notes in circulation as of May 19 have been returned. After October 7, 2023, the process for depositing/exchanging ₹2,000 banknotes will change. Individuals/entities can exchange these notes at RBI Issue Offices up to a limit of ₹20,000 at a time. They can also deposit ₹2,000 notes into their bank accounts in India. Moreover, individuals/entities within the country can send ₹2,000 notes through India Post to any of the 19 RBI Issue Offices for credit to their Indian bank accounts.
The RBI emphasized that courts, law enforcement agencies, government departments, or other public authorities involved in investigative or enforcement proceedings can exchange ₹2,000 banknotes at RBI Issue Offices without any restrictions. These banknotes will continue to be considered legal tender.
