Hyderabad: The Reserve Bank of India, in a press release on Saturday announced that the deadline for the exchange of Rs. 2000 notes will be extended till October 7.
The central bank on May 19 had announced the withdrawal of Rs. 2000 banknotes with the deadline of exchange or return being September 30.
The extension of the deadline appears to be aimed at providing more time for people to return or exchange the notes without any hassles. The central bank has also listed out the procedure of depositing the notes after the extended deadline of October 7.
Procedure from October 8
- The deposit/exchange at banks will be stopped
- Rs. 2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of Rs. 20,000 at a time.
- Individuals / Entities can tender Rs. 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.
- Individuals / Entities from within the country can also send Rs. 2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.
- Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents, and due diligence as deemed fit by RBI.
- Courts, law enforcement agencies, government departments, or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit/exchange Rs. 2000 banknotes at any of the 19 RBI Issue Offices without any limit.
According to RBI, the currency notes will remain to be legal even after the deadline but will not be accepted for transactions. The notes however, can be exchanged only with RBI.
The RBI said on September 1 that about 93% of the notes have returned to the banking system since May 2023 and that the total value of the notes taken out of circulation was Rs. 3.32 lakh crore up to August 31, it said in a statement earlier.
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