Deadline For Exchange Of Rs 2,000 Notes Extends To October 7: RBI

Reserve Bank of India i.e. RBI has extended the date for depositing Rs 2000 note in the bank or exchanging it with other notes till October 7. 

RBI issued a circular saying, ‘After the expiry of the stipulated time of withdrawal process, on the basis of review, it has been decided to extend the existing system of deposit and exchange of Rs 2000 notes till October 7, 2023.’

Earlier, quoting the news agency, it is reported that if the Rs 2000 note is not exchanged by September 30, its value will become zero from the next day i.e. October 1. 

However, sources had informed that RBI may extend the deadline for exchanging notes till evening. This happened and RBI extended the deadline for exchanging Rs 2000 notes by a week.

Earlier, on May 19 this year, RBI had issued a circular asking to deposit or exchange Rs 2000 notes in banks by September 30. 

According to the data received from banks, as of May 19, 2023, a total of ₹ 2000 notes worth Rs 3.56 lakh crore were in circulation. 

Out of this, till September 29, notes worth ₹ 3.42 lakh crore have been returned. Now only ₹0.14 lakh crore worth notes are in the market.

2000 note launched in the market in November 2016. Then Prime Minister Narendra Modi had announced the demonetization of 500 and 1000 rupee notes. 

In their place, new notes of Rs 500 and Rs 2000 were issued in the new pattern. However, RBI has stopped printing of Rs 2000 notes from the year 2018-19. Whereas in 2021-22, 38 crore 2000 rupee notes were destroyed.

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