RBI Extends Deadline for ₹ 2,000 Note Exchange to October 7

30-09-2023 : In a recent announcement, the Reserve Bank of India (RBI) has extended the deadline for exchanging ₹ 2,000 denomination notes at banks until October 7. This decision comes as a relief to individuals who still possess these notes, ensuring that they have a bit more time to exchange them. Importantly, the RBI has clarified that even after the aforementioned deadline, the ₹ 2,000 notes will continue to be recognized as legal tender and remain valid for transactions.

Previously, the deadline for exchanging these notes was set to expire on the day of the announcement. However, with this extension, individuals have an additional window to facilitate the exchange of ₹ 2,000 notes at their respective banks. It’s essential to note that beginning October 8, banks will cease to accept ₹ 2,000 notes for exchange, making it imperative for those holding these notes to act before the cutoff date.

Nonetheless, individuals who miss the October 7 deadline for bank exchanges still have options available to them. Specifically, ₹ 2,000 notes can be exchanged at 19 designated offices of the RBI. Additionally, for the convenience of the public, there is the option to send these notes by post to the RBI’s “issue offices” through India Post.

The RBI has shared statistics revealing that it has received ₹ 3.42 lakh crore worth of ₹ 2,000 notes, out of a total of ₹ 3.56 lakh crore that were in circulation as of May 19. This means that as of September 29, only ₹ 0.14 lakh crore worth of ₹ 2,000 notes remained in circulation. The extension of the exchange deadline takes into account the remaining notes in circulation and provides individuals with an opportunity to manage their holdings in accordance with the new timeframe set by the RBI.