Last 2 days left to exchange ₹2,000 notes; Will deadline be extended?

The deadline for depositing or exchanging Rs 2,000 currency notes is just two days away.

Will the deadline be extended?

As of now, the deadline to exchange or deposit the 2000 rupee notes is 30th September. However, some experts and bankers are of the opinion that the deadline could be extended to try and ensure the withdrawal of the currency notes as close to 100% as possible.

Rs 2,000 Notes to exchange or deposit after September 30: What will happen Next?

A report by Moneycontrol says that RBI may extend the deadline till the end of October for the return of the 2000 rupee notes. The report quotes a senior official familiar with the development, "It looks like the RBI will extend the date for deposit and exchange of Rs 2,000 notes by at least for a month because it has to factor in the non-resident Indians as well as others living overseas."

As of now, approximately ₹24,000 crore worth of the notes are still in circulation. As of September 1, the central bank reported that Rs 2,000 banknotes worth Rs 3.32 lakh crore, which is 93% of the currency notes in circulation, had returned to the banking system.

On August 31, the remaining Rs 2,000 notes in circulation amounted to Rs 0.24 lakh crore. By July 31, 88% of 2000 notes, worth Rs 3.14 lakh crore, had been returned.

On May 19, the Reserve Bank of India (RBI) had issued an order to withdraw the denomination and set September 30 as the last date for individuals to deposit or exchange their Rs 2,000 notes. It's important to note that Rs 2,000 banknotes will continue to be legal tender even after September 30, 2023.