The Reserve Bank of India (RBI) has announced an extension of the deadline for depositing and exchanging Rs 2,000 denomination banknotes to October 7, 2023. Previously, the deadline had been set for September 30, 2023, according to an earlier notification issued by the central bank.
In its statement, the RBI disclosed that, as of September 29, 2023, it had already collected Rs 3.42 lakh crore worth of Rs 2,000 banknotes since the circular issued on May 19, 2023, which had announced the withdrawal of these currency notes from circulation. The RBI further noted that Rs 0.14 lakh crore worth of Rs 2,000 denomination notes were still in circulation.
Considering the initial deadline had lapsed, the RBI conducted a thorough review of the situation and consequently decided to extend the final date for depositing and exchanging Rs 2,000 banknotes to October 7, 2023.
Additionally, the central bank clarified that starting from October 8, 2023, banks would no longer accept Rs 2,000 banknotes for crediting to accounts or exchanging for other denominations. However, individuals could approach the 19 RBI Issue offices to exchange Rs 2,000 banknotes, with a limit of Rs 20,000 at each transaction.
Furthermore, individuals have the option to send these banknotes to the RBI Issue offices through India Post, and the corresponding amount will be credited to their respective bank accounts. Such exchange or credit would be subject to the relevant regulations of the RBI or the central government, and individuals must provide valid identity documents while adhering to the due diligence requirements as determined by the central bank.
The Rs 2,000 denomination currency note was introduced in November 2016 following the demonetization of Rs 1,000 and the older Rs 500 banknotes. According to the RBI, the objective behind introducing the Rs 2,000 banknotes had been achieved once an adequate quantity of currency in other denominations became available. Consequently, the printing of Rs 2,000 banknotes ceased in the financial year 2018-19.
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