RBI extends deadline to exchange Rs. 2,000 notes
The Reserve Bank of India (RBI) announced on Saturday that the date for depositing and exchanging Rs. 2,000 banknotes has been extended until October 7, 2023, from the September 30 deadline. The RBI announced the withdrawal of Rs. 2,000 banknotes from circulation on May 19. At the time, it had asked individuals to exchange their notes by September 30, 2023.
RBI extends deadline to October 7
Rs. 2,000 banknotes will remain legal tender
In its press release, the RBI stated that beginning October 8, deposits and exchanges at bank branches will be stopped. However, banknotes can still be exchanged at the 19 RBI issue offices up to a limit of Rs. 20,000 per transaction. Furthermore, Rs. 2,000 banknotes will remain legal tender. Since the May 19 order, 96% of Rs. 2,000 notes in circulation have been returned.
Exchange or credit subject to relevant RBI regulations
Additionally, individuals can tender Rs. 2,000 banknotes at any of the 19 RBI issue offices for credit to their Indian bank accounts in any amount. They can also mail Rs. 2,000 banknotes via India Post to the issue offices for credit to their Indian bank accounts. But such exchange or credit will be subject to relevant RBI or government regulations, the central bank said.
No limit for law enforcement agencies, government departments
The order further read, "Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/exchange Rs. 2,000 banknotes at any of the 19 RBI Issue Offices without any limit." Individuals can seek redress if a bank refuses to exchange or accept a deposit of Rs. 2,000 bills, according to the RBI website.
Rs. 2,000 withdrawal under 'Clean Note Policy'
The central bank announced the withdrawal of Rs. 2,000 currency bills from circulation on May 19 as part of its "Clean Note Policy." Since then, Rs. 3.42 lakh crore of the total amount of Rs. 3.56 lakh crore of Rs. 2,000 banknotes in circulation has been returned. This leaves only Rs. 0.14 lakh crore in circulation, said the RBI, citing data from banks.
Where are 19 RBI issue offices
Currently, the RBI handles currency operations through its 19 issue offices. They are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram, and Kochi.
