Rs 2000 Withdrawal: The Reserve Bank of India (RBI) extended deadline for exchanging Rs 2,000 notes last week.
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The revised date to submit the now withdrawn highest denomination Indian currency note is October 7, 2023.
About 96 per cent of the Rs 2,000 banknotes have been returned to the banking system since the Reserve Bank of India (RBI) in May decided to withdraw the high-value note from circulation, as per central bank’s update.
“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 ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023,” the central bank said in a release.
RBI has further clarified in its release on what happens after the new deadline is over. With effect from October 08, 2023, the procedure for deposit / exchange of Rs 2000 banknotes shall be as under. Here’s take a look:
a) The deposit / exchange at bank branches shall be stopped.
b) 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.
c) Individuals / Entities can tender ?2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
d) Individuals / 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 India.
e) 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.
f) Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit / exchange Rs 2000 banknotes at any of the 19 RBI Issue Offices without any limit.
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4. Rs 2000 banknotes shall continue to be legal tender.
