RBI extends deadline to exchange or deposit Rs 2,000 notes until October 7

The Reserve Bank of India (RBI) has announced an extension of the special initiative to phase out Rs 2,000 banknotes from circulation.

The Reserve Bank of India (RBI) has announced an extension of the special initiative to phase out Rs 2,000 banknotes from circulation. The new deadline for the withdrawal of these notes is October 7, granting an additional week for the process.

In a statement released on the final day of the initial withdrawal period, the RBI revealed that the public has returned Rs 3.42 lakh crore worth of Rs 2,000 notes since May 19. These notes were either deposited or exchanged at bank branches up until September 29. This substantial amount represents 96 per cent of the outstanding currency in circulation as of May 19 this year.

The RBI has clarified that while the withdrawal initiative continues, Rs 2,000 notes will remain valid as legal tender even after October 7th. However, from that date onwards, individuals can exclusively exchange these notes at RBI offices, as they will no longer be accepted for deposit or exchange at regular bank branches.

This extension of the withdrawal deadline provides citizens with additional time to manage and exchange their Rs 2,000 notes before they are no longer accepted at standard bank branches. It's part of the RBI's ongoing efforts to optimize the currency in circulation and promote the use of other denominations.

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