RBI extends last date for withdrawal of 2,000-rupee notes to Oct 7

Informist, Saturday, Sep 30, 2023


–RBI: Issue Offices to exchange 2,000-rupee notes up to 20,000 rupees 
–RBI: 19 RBI Issue Offices to exchange 2,000-rupee note from Oct 8 
–RBI: Extended facility to return, withdraw 2,000-rupee note till Oct 7 
–RBI: Banks received 3.42 trln rupees in 2,000-rupee notes till Fri 


NEW DELHI – The Reserve Bank of India today extended the last date for the withdrawal of 2,000-rupee banknotes from circulation to Oct 7 and said that these banknotes continue to be legal tender.


In May, the central bank had announced that all 2,000-rupee banknotes must be either exchanged or deposited with banks by Sep 30, even as the notes remained legal tender. 


As of Friday, banks have received 3.42 trln rupees or 96% of the 2,000-rupee banknotes outstanding since the announcement of the withdrawal, the RBI said in a release today.


From Oct 8, the deposit and exchange of the 2,000-rupee notes will stop at bank branches and will only continue at the 19 RBI issue offices with a limit of 20,000 rupees at a time, the central bank said. 


This facility to deposit or exchange 2,000-rupee banknotes at the RBI issue offices is available till further notice from the central bank.


"Individuals/entities from within the country can also send 2000 rupee banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India," the central bank said.


"Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/exchange 2000 rupee banknotes at any of the 19 RBI Issue Offices without any limit," the RBI said.


The 2,000-rupee denomination banknote was introduced in November 2016 to meet the currency requirement of the economy in an expeditious manner after the demonetisation of all 500-rupee and 1,000-rupee banknotes in circulation at that time.


Printing of 2,000-rupee banknotes was stopped in 2018-19 (Apr-Mar).  End


Reported by Shubham Rana

Edited by Aditya Sakorkar


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