India’s central bank RBI extends deadline to exchange, deposit Rs 2,000 banknotes

India’s central bank RBI extends deadline to exchange, deposit Rs 2,000 banknotes

The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities

India’s central bank, the Reserve Bank of India (RBI) on Saturday (Sep 30), extended the deadline to exchange and deposit Rs 2,000 bank notes by another week, i.e. till Oct 7.

“It has been decided to extend the current arrangement for deposit/exchange of Rs 2,000 banknotes until October 07, 2023,” the central bank said in a statement.

RBI said that the Rs 2,000 notes “shall continue to be legal tender” even beyond October 7, but asked the public to deposit or exchange the notes “without any further delay”.

From October 8, the deposit, and exchange facilities at bank branches will be halted, and people will have to get them exchanged at 19 offices of RBI, the statement further added.

The people have so far returned Rs 3.42 lakh crore of Rs 2,000 notes since the announcement to withdraw these notes was made on May 19, the RBI said in a statement.

Earlier, the deadline to deposit or exchange Rs 2,000 notes was September 30, 2023.

India’s central bank RBI extends deadline to exchange, deposit Rs 2,000 banknotes
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Last month, the RBI said that about 93 per cent of the Rs 2,000 banknotes were returned to the banking system since the central bank decided to withdraw the specific banknote from circulation in the month of May. 

RBI withdraws Rs 2,000 currency note from circulation

The Rs 2000 currency note was introduced in November 2016 after Prime Minister Narendra Modi-led government had demonetised the old Rs 1,000 and Rs 500 notes in its crusade against black money. It was introduced primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes.

The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities and therefore, printing of ₹2000 banknotes was stopped in 2018-19, the RBI had said in a press statement. 

“The exchange facility for Rs 2,000 banknotes up to Rs 20,000 at a time would be available from May 23,” the RBI had said, further advising the banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.

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