Accordingly, the deposits or exchange of the Rs 2000 notes will be stopped after the dedaline, however, individuals or entitities can continue to exchange the notes at 19 RBI Issue Offices.
New Delhi: The Reserve Bank of India (RBI) has extended the deadline to exchange Rs 2,000 notes at banks from today to October 7. The RBI has also said that the Rs 2,000 note will remain valid even after the deadline passes. It is important to note that banks will stop accepting ₹ 2,000 notes for exchange from Obtober 8. However, people can till exchange ₹ 2,000 notes at 19 offices of the RBI. The notes can also be sent by post to the RBI’s “issue offices” by India Post.
How To Exchange 2,000 Notes After Deadline
Accordingly, the deposits or exchange of the Rs 2000 notes will be stopped after the dedaline, however, individuals or entitities can continue to exchange the notes at 19 RBI Issue Offices. The notes can be tendered at the RBI Issue offices or sent via India Post for direct credit to bank accounts. However, whole of the process will be governed by RBI guiudelines.
The Reserve Bank of India (RBI) says that 96% of the Rs 2,000 notes that were in circulation on May 19, 2023 have been returned to banks. This means that only about 4% of the notes are still in circulation.
What Does The RBI Say
“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 ₹2000 banknotes until October 07, 2023,” the notification issued by RBI said.
“With effect from October 08, 2023, the procedure for deposit/exchange of ₹2000 banknotes shall be as under: a) The deposit / exchange at bank branches shall be stopped. b) ₹2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time. c) Individuals / Entities can tender ₹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 ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India,” it added.