RBI extends deadline for exchange of ₹2,000 notes till October 7
The HinduWith about ₹0.14 lakh crore worth of ₹2,000 notes still not having found their way back into the banking system as on September 29, a day before the stipulated deadline for the general public to exchange or deposit the notes at bank branches, the Reserve Bank of India has decided to extend the deadline to October 7. 96% returned “According to the data received from banks, of the total value of ₹3.56 lakh crore of ₹2,000 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,” the RBI said in a circular. Procedures for later exchange With effect from October 8, ₹2,000 banknotes can continue to be exchanged by individuals and entities at 19 RBI Issue Offices, with a limit of ₹20,000 at a time. Individuals and entities from within the country can also send these notes through India Post, addressed to any of the 19 offices for credit to their bank accounts in India, and such exchange or credit will be subject to relevant RBI and government regulations, and may require the submission of valid identity documents and due diligence as deemed fit by the central bank.