RBI extends deadline to exchange Rs 2000 currency notes till October 7
RBI extends deadline to exchange Rs 2000 currency notes till October 7
The RBI, however, said Rs 2000 banknotes will continue to be legal tender.
The Reserve Bank of India (RBI) on Saturday extended the date to exchange or deposit Rs 2000 banknotes, which were withdrawn from circulation in May this year, till October 7.
The RBI, however, said Rs 2000 banknotes will continue to be legal tender.
The central bank said 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, leaving only Rs 0.14 lakh crore in circulation as at the close of business on September 29, 2023. The earlier deadline to deposit or exchange these notes was September 30, 2023.
“…96 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023 has since been returned,” the RBI said in a release.
The central bank added that from October 8, the procedure for deposit or exchange of Rs 2000 banknotes at bank branches will be stopped.
It said Rs 2000 banknotes can continue to be exchanged by individuals or entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time. Individuals or entities can tender Rs 2000 banknotes at these RBI Issue Offices for credit to their bank accounts in India for any amount. Individuals or entities from within the country can also send Rs 2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in the country.
Such exchange or credit shall be subject to relevant RBI / government regulations, submission of valid identity documents and due diligence as deemed fit by RBI,” the release said.
Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit or exchange Rs 2000 banknotes at any of the 19 RBI Issue Offices without any limit, the RBI said.
The above facility for deposit or exchange of Rs 2000 banknotes at the 19 RBI Issue Offices shall be available till further advice.TIE
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