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RBI is going to extend the deadline to return 2000-notes to the end of October

The deadline for returning 2000 rupee notes will probably be extended by the Reserve Bank of India to the end of October.

According to a senior person acquainted with the situation, the Reserve Bank of India (RBI) is likely to extend the deadline for returning rupee 2000 notes from September 30 to the end of October. According to a senior source who was quoted by the daily, “it looks like the RBI will extend the date for deposit and exchange of 2,000 rupee notes by at least for a month because it has to take into account the non-resident Indians as well as others living overseas.”

The RBI took the 2000-dollar notes out of circulation on May 19. It provided almost four months to deposit or swap 2000 note notes. The RBI has specified that deposits or exchanges of 2000 must be made before September 30th.

The ability for the public to deposit and/or exchange 2000 rupee banknotes would be accessible until September 30, 2023, according to a press statement from the RBI that was published on May 19, 2023. All banks must make the opportunity for exchanging 2000-rupees banknotes available to the general public through their branches.

As much as 93% of the 2000-yen banknotes that were in use on May 19 have been returned to banks, according to information provided by the RBI on September 2. According to information gathered from major banks, of the entire amount of banknotes in the denomination of 2000 that were returned from circulation, around 87 percent were in the form of deposits, and the remaining 13 percent were exchanged for banknotes in other denominations.

According to a Bloomberg , there are still around 240 billion rupees, or $2.9 billion, worth of the notes in use. 7 percent of the notes were still in use as of September 1 despite the fact that the great bulk of the 3.56 trillion rupees had already been deposited in banks, according to the research.

 

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