Due Date to deposit Rs.2000 Denomination Banknotes extended till Oct 7, 2023

The Reserve Bank of India (RBI) had announced the withdrawal of Rs.2000 denomination banknotes from circulation in May 2023 via press release.

To complete the exercise on time and give members of the public enough time, banks were advised to provide deposit and/or exchange facilities for Rs.2000 banknotes until September 30, 2023.

The exchange facility was also made available at the 19 Regional Offices (ROs) of RBI having Issue Departments (RBI Issue Offices). The RBI has been informing the public about the status of the withdrawal exercise via monthly Press Releases.

According to data received from banks, Rs. 3.42 lakh crore of the total value of Rs.3.56 lakh crore of Rs.2000 banknotes in circulation as of May 19, 2023 has been returned, leaving only Rs.0.14 lakh crore in circulation as of the close of business on September 29, 2023. As a result, 96% of the Rs.2000 banknotes in circulation on May 19, 2023 have been returned.

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 deposit/ exchange of Rs.2000 banknotes until October 07, 2023.

With effect from October 08, 2023, the procedure for deposit/ exchange of Rs. 2000 banknotes shall be as under:

a) The deposit/ exchange at bank branches shall be stopped.

b) Rs.2000 banknotes can continue to be exchanged by individuals/ entities at the 19 RBI Issue Offices up to a limit of Rs.20,000/- at a time.

c) Individuals/ Entities can tender Rs.2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.

d) Individuals/ Entities from within the country can also send Rs.2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.

e) Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.

f) Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/ exchange Rs.2000 banknotes at any of the 19 RBI Issue Offices without any limit.

Rs.2000 banknotes shall continue to be legal tender. The above deposit/exchange facility for 2000 banknotes at the 19 RBI Issue Offices will be available until further notice.

Members of the public are advised to deposit/ exchange the Rs.2000 banknotes without any further delay