The RBI has extended the deadline for exchanging two thousand rupee notes until October 7

 The RBI has extended the deadline for exchanging two thousand rupee notes until October 7

The last day to exchange and deposit INR 2,000 notes has been extended by the Reserve Bank of India (RBI) until October 7, 2023. "It has been agreed to extend the current arrangement for deposit / exchange of 2000 banknotes until October 07, 2023," the RBI stated in a press release on Saturday, September 30. "The period set for the withdrawal procedure has come to a close, and based on a review. Today was the last day to return the 2,000 notes before the previous deadline.

Beginning on October 8, no 2,000 notes may be deposited or exchanged at bank branches. But even after October 7 the 2,000 rupee notes will remain legal tender and can only be exchanged at RBI offices, according to the central bank.

What customers may do after the deadline of October 7: According to the RBI, clients can still exchange these notes at the 19 RBI issue offices up to a cap of 20,000 at a time after that date. Additionally, according to the RBI, people and organizations can present 2,000 rupee bank notes at any of the 19 RBI issue offices for credit to their Indian bank accounts for any amount.

Customers can now mail 2,000 rupee bank notes through India Post to any of the 19 RBI issuing offices to have them credited to their local bank accounts.

According to the RBI, "Such exchange or credit shall be subject to applicable Government and RBI regulations, submission of valid identity documents, as a result diligence as deemed appropriate by RBI." The 19 RBI Issue Offices will continue to accept 2000 banknotes for deposit or exchange until further notice, according to the RBI.

According to the RBI statement, almost 96% of the 2,000 bank notes that were in use as of May 19, 2023 have since been returned. According to information provided by banks, the Reserve Bank of India (RBI) reported that, as of the end of business on September 29, 2023, just $0.14 lakh crore worth of the $3.56 lakh crore in 2,000-rupee banknotes that were in circulation as of May 19, 2023 were still in circulation.

The central bank declared the removal of 2,000 currency notes from circulation on May 19. According to the RBI, banks were recommended to offer a deposit and/or exchange option for 2,000 bank notes till September 30, 2023, in order to finish the program on schedule and give the public enough time. The 19 RBI regional offices (ROs) with issuing divisions also had access to the exchange facility.