Reserve Bank of India (RBI) extends last date to exchange 2,000 rupee

Reserve Bank of India (RBI):  has extended the last date to exchange the 2,000 rupee denomination banknotes to October 7.

In its statement, RBI said that 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 the deposit or exchange of Rs 2000 banknotes until October 07, 2023.

According to the data received from banks, of the total value of Rs 3.56 lakh crore of Rs 2000 banknotes in circulation as on 19th May 2023, Rs 3.42 lakh crore has been received back leaving only Rs 0.14 lakh crore in circulation as at the close of business on 29th September, 2023. Thus, 96 percent of the Rs 2000 banknotes in circulation as on 19th May 2023 have since been returned.

The Bank had, on May 19 announced the withdrawal of its highest value currency note, Rs 2,000, from circulation, adding that the notes will continue to be legal tender.