RBI extends deadline to exchange ₹2,000 notes, Details inside


The Reserve Bank of India has prolonged the deadline for the exchange of ₹2000 notes until October 7.

On May 19, the RBI had declared the discontinuation of ₹2000 banknotes, setting September 30, 2023, as the initial deadline for the public to exchange their notes. This extension of the deadline seems to be aimed at offering individuals more time to deposit their notes without facing last-minute difficulties.

The central bank had also made the exchange facility available at its 19 Regional Offices. According to RBI data, as of May 19, ₹3.56 lakh crore worth of ₹2000 notes were in circulation, and as of September 29, banks have received ₹3.42 lakh crore worth of ₹2000 notes.

This implies that only ₹0.14 lakh crore worth of notes are still in circulation. RBI stated in a press release that approximately 96 percent of ₹2000 notes in circulation as of May 19 have been returned.