RBI extends deadline for exchange of Rs 2,000 notes till October 7

Sandeep Dikshit

New Delhi, September 30

The Reserve Bank of India (RBI) has extended the deadline for exchanging or depositing the Rs 2,000 notes at bank branches till October 7.

After October 7, customers can exchange these notes at the 19 RBI issue offices up to a limit of Rs 20,000 at a time. Also, individuals and entities can tender Rs 2,000 notes at the 19 RBI issue offices for credit to their bank accounts in India for any amount, announced the RBI after a “review”’ of the September 30 deadline. But this exchange or credit will be subject to the relevant regulations, submission of valid identity documents and due diligence. The RBI did not give any reasons for the extension although about 96 per cent of the Rs 2,000 notes are back in the exchequer. Of the Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation, Rs 3.42 lakh crore has been received. This leaves only Rs 0.14 lakh crore in circulation at the close of business on September 29. “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 2,000 banknotes until October 07,” said a statement.