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RBI extends deadline to exchange ₹2000 till Oct 7, Legal News, ET LegalWorld | Court Practice News

On Saturday, The Reserve Bank extended the deadline to deposit ₹ 2,000 bank notes & withdrawing it from the system by another week, till October 7. The central bank said that of the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023; thus, 96% of ₹2000 banknotes in circulation as on May 19, 2023 has since been returned.

Earlier, the deadline to deposit/exchange Rs 2,000 notes was September 30, 2023.

“…it has been decided to extend the current arrangement for deposit/exchange of Rs 2,000 banknotes until October 07, 2023,” the central bank said in a statement.

However, Banks shall continue to maintain daily data on deposit / exchange of ₹2000 banknotes in the format prescribed vide circular dated May 22, 2023 referred to above and submit the same to RBI.

In the statement on Saturday, RBI said the Rs 2,000 notes “shall continue to be legal tender” even beyond October 7, but asked the public to deposit or exchange the notes “without any further delay”.

The banks shall stop accepting ₹2000 banknotes for credit to accounts or exchange to other denomination banknotes from October 8, 2023.

From October 8, the deposit/exchange facilities at bank branches will be stopped, and people will have to get them exchanged at 19 offices of RBI, the statement said.

[written by Kumar Aditya (kumar.aditya@timesinternet.in)]

  • Published On Sep 30, 2023 at 09:20 PM IST

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