RBI extends deadline for exchange of Rs 2000 notes; Details Here

The Reserve Bank of India (RBI) has extended the deadline to exchange or deposit of Rs 2000 banknotes till October 7.

New Delhi: The Reserve Bank of India (RBI) has granted an extension for the exchange or deposit of Rs 2000 banknotes, originally taken out of circulation on May 19, 2023. The deadline for the withdrawal process was initially set for September 30, 2023. However, in a recent review, the RBI has decided to extend the period until October 7, 2023.

Individuals who have not yet exchanged or deposited their Rs 2000 notes still have the opportunity to do so until the new deadline.

Banks will remain open on this 5th Saturday, allowing people to visit their nearest branch for the exchange or deposit. Additionally, regional branches of the RBI are also available for this purpose.

Even those without bank accounts can partake in the exchange, with a limit of Rs 20,000 per transaction at any bank branch. After September 30, although the notes will still be considered legal tender, they will no longer be accepted for transactions and can only be exchanged with the RBI.

According to a report by the RBI on September 2, 2023, 93 percent of the Rs 2,000 banknotes in circulation as of May 19 have already been returned to banks. This extension aims to provide individuals with the opportunity to complete their exchanges or deposits within the newly specified timeframe.

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