₹2000 notes: RBI extends deadline for deposits, exchange of notes until 7th October

2000 Notes Exchange Date: The deadline for the exchange and deposits of the ₹2000 notes has been extended to the 7th of October 2023.

RBI on exchange of 2000 note last date extended

In a notification, the Reserve Bank of India said, "As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit/exchange of Rs 2000 banknotes until October 07, 2023.

RBI Press Release

RBI's press release also pointed out that out 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. This means that effectively 96% of ₹2000 notes have since been returned.

Importantly, the RBI has also reiterated that Rs 2000 banknotes will continue to be legal tender.

RBI's earlier deadline for deposits & exchange of ₹2000 notes was September 30, 2023.

It was on May 19, RBI announced the withdrawal of Rs 2,000 currency bills from circulation as part of its clean-note policy.

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