New Delhi :In a significant development, the Reserve Bank of India (RBI) has extended the deadline for the withdrawal of ₹2000 banknotes from circulation. The initial announcement, made via Press Release 2023-2024/257 on May 19, 2023, stated that the withdrawal process would conclude on September 30, 2023.
Recent data reveals that out of the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as of May 19, 2023, a substantial ₹3.42 lakh crore has already been received back by the banks, leaving only ₹0.14 lakh crore in circulation as of September 29, 2023. This translates to 96% of the ₹2000 banknotes in circulation as of the initial announcement date being returned.
As the withdrawal period came to an end, the RBI conducted a review and decided to extend the current arrangement for deposit and exchange of ₹2000 banknotes until October 07, 2023. However, there are important changes to the procedure starting from October 08, 2023:
- Deposit/exchange at bank branches will cease.
- Individuals/entities can continue to exchange ₹2000 banknotes at the 19 RBI Issue Offices, with a limit of ₹20,000 at a time.
- Individuals/entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India, with no specific amount limit.
- Individuals/entities within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices, for credit to their bank accounts in India.
- Exchange or credit will be subject to relevant RBI/Government regulations, valid identity documents, and due diligence as deemed necessary by RBI.
- Courts, law enforcement agencies, government departments, or any other public authority involved in investigation proceedings or enforcement may deposit/exchange ₹2000 banknotes at any of the 19 RBI Issue Offices without any limit.
It's important to note that ₹2000 banknotes will continue to be legal tender despite these changes.
This extended facility for deposit/exchange of ₹2000 banknotes at the 19 RBI Issue Offices will remain in effect until further notice, and the public is strongly advised to take advantage of this extension without delay.
For further information, the RBI has provided an updated document containing Frequently Asked Questions (FAQs) on their website for the convenience of the public.