RBI extends deadline to exchange, deposit Rs 2,000 notes till Oct 7, 96% returned

The Reserve Bank of India (RBI) on Saturday extended the deadline for exchanging and depositing Rs 2,000 notes by another week, till October 7. The original deadline was set to expire on October 1.

The central bank said that it has received Rs 3.42 lakh crore of Rs 2,000 notes from the public since it announced the withdrawal of the notes on May 19. This is 96% of the Rs 2,000 notes in circulation as on May 19.

The RBI said that it is extending the deadline to give people more time to exchange and deposit their Rs 2,000 notes. Customers can exchange or deposit their Rs 2,000 notes at any bank branch or at the RBI's currency chest branches.

The RBI has also said that it will continue to accept Rs 2,000 notes for payment at government treasuries and RBI offices till December 31, 2023.

The withdrawal of Rs 2,000 notes was announced by the RBI in May 2023 as part of a crackdown on black money and counterfeit currency. The RBI said that the withdrawal was necessary to "curb the menace of counterfeit currency and ensure the integrity of the Indian currency".

The RBI has said that it will continue to monitor the situation and take further steps, if necessary.

The extension of the deadline for exchanging and depositing Rs 2,000 notes is a welcome move for the public. It will give people more time to make the necessary arrangements and avoid any inconvenience.