India extends deadline to exchange or deposit Rs2,000 banknotes till October 7

The currency note was introduced in November 2016 to meet the requirements following the demonetisation of all Rs500 and Rs1,000 notes in circulation at the time

By PTI, ANI

Published: Sat 30 Sep 2023, 4:21 PM

Last updated: Mon 2 Oct 2023, 1:52 PM

The Reserve Bank of India extended the deadline on Saturday to exchange Rs2,000 note till October 7, reported PTI.

The RBI had earlier fixed September 30, 2023, as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.

Earlier last month, the RBI said that about 93 per cent of the Rs2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.

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People were directed to exchange or deposit their Rs2,000 notes in bank branches and regional branches of RBI. A non-account holder could also exchange Rs2,000 banknotes up to a limit of Rs 20,000 at a time at any bank branch.

On May 19, the RBI decided to withdraw the Rs2,000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI had advised banks to stop issuing such banknotes with immediate effect.

The Rs2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs500 and Rs1,000 banknotes in circulation at that time.

The objective of introducing Rs2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs2,000 banknotes was stopped in 2018-19.

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