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New deadline for exchange of Rs 2000 notes announced

The Reserve Bank of India said that the decision was taken after the review. Earlier it had said that 90 per cent of the notes had already returned to the system.

Edited By: Nivedita Dash @Nivedita0503 New Delhi Updated on: September 30, 2023 20:13 IST
September 30 (today) was the last date to exchange the Rs
Image Source : PTI September 30 (today) was the last date to exchange the Rs 2000 note.

September 30 (today) was the last date to exchange the Rs 2000 note. However, the Reserve Bank of India on Saturday extended the deadline. The Reserve Bank of India (RBI) on Saturday said that the deadline has been extended after conducting a review.  

Reserve Bank of India (RBI) in a notification 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 the deposit/exchange of Rs 2000 banknotes until October 07, 2023."

The Reserve Bank on September 1 said that as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19, have been returned to banks. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement.

"Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said.

RBI had requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.

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