RBI extends time limit to Deposit/Exchange 2000 Rupee notes till October 7 [Read Press Release]

In a recent update, the Reserve Bank of India (RBI) has prolonged the period for deposit or exchange of ₹2000 denomination banknotes until October 7, 2023, following a thorough review.

This decision comes after a significant return of ₹2000 banknotes, with 96% of the total value in circulation as of May 19, 2023, having been retrieved by September 29, 2023.

As of 29 September 2023, out of ₹3.56 lakh crore worth of ₹2000 banknotes initially in circulation, only ₹0.14 lakh crore remains in active circulation. Effective from October 8, 2023, banks will no longer accept ₹2000 banknotes for account credit or exchange into other denominations.

However, these banknotes can still be presented at the 19 RBI Regional Offices with Issue Departments for credit to Indian bank accounts or exchange, as highlighted in the recent press release.

The RBI emphasised that ₹2000 banknotes will retain their legal tender status and continue to be accepted for transactions.

Banks are instructed to follow the prescribed format for daily data maintenance on deposit or exchange of these banknotes, submitting the information promptly to the RBI.

Additionally, banks must ensure that all ₹2000 banknotes collected by their branches until October 7, 2023, are deposited at currency chests by October 13, 2023, in compliance with previous circulars. For further details, please refer to circulars DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023, and DCM(Plg)No.S-239/10.27.00/2023-24 dated May 22, 2023, issued by the RBI.

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