RBI Extends Deadline for Deposit/Exchange of ₹2000 Banknotes

Introduction:

In a recent announcement, the Reserve Bank of India (RBI) has extended the deadline for the deposit and exchange of ₹2000 banknotes in circulation. The decision comes as part of the RBI’s ongoing withdrawal exercise, aiming to complete the process efficiently and provide ample time for public participation.

Key Highlights:

1. Extension of Deadline:
   • The original deadline for the deposit and exchange of ₹2000 banknotes was until September 30, 2023.
   • Considering the ongoing withdrawal process and to accommodate public convenience, the RBI has decided to extend the deadline until October 07, 2023.
2. Withdrawal Status:
   • As of September 29, 2023, ₹3.42 lakh crore out of the total ₹3.56 lakh crore ₹2000 banknotes in circulation has been returned.
   • This signifies that 96% of the ₹2000 banknotes in circulation as of May 19, 2023, have been successfully withdrawn.
3. New Procedures Effective from October 08, 2023:
   • Deposit/exchange at bank branches will cease from October 08, 2023.
   • Individuals/entities can continue to exchange ₹2000 banknotes at the 19 RBI Issue Offices, with a limit of ₹20,000 at a time.
   • ₹2000 banknotes can be tendered at RBI Issue Offices for credit to bank accounts within India.
   • Sending ₹2000 banknotes via India Post to RBI Issue Offices for credit to bank accounts is also permitted.
   • Relevant RBI/Government regulations, valid identity documents, and due diligence are mandatory for exchange or credit transactions.
4. Legal Tender Status:
   • ₹2000 banknotes shall remain legal tender.
5. Facility Availability:
   • The deposit/exchange facility at the 19 RBI Issue Offices will continue until further advice.
6. Public Advisory:
   • Members of the public are encouraged to deposit/exchange ₹2000 banknotes without further delay.
7. FAQs for Reference:
   • An updated document containing Frequently Asked Questions (FAQs) has been published on the RBI website, providing valuable information and convenience for the public.

Conclusion:

As the RBI extends the deadline for the withdrawal of ₹2000 banknotes, it emphasizes the importance of public participation in the process. The ongoing exercise aims to streamline the circulation of currency, and individuals are advised to adhere to the new procedures for deposit/exchange as outlined by the RBI.

For further details and clarifications, individuals can refer to the FAQs document hosted on the RBI website.