The last date to exchange Rs 2,000 notes at banks has been extended till October 7, the Reserve Bank of India (RBI). Making the announcement through a statement issued here today, the RBI said that the Rs 2,000 note will remain valid even after the deadline to exchange ends.
The RBI had earlier fixed September 30, 2023, as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public.
Banks will stop accepting ₹ 2,000 notes for exchange from October 8. However, people can still 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.
The RBI said it has received ₹ 3.42 lakh crore worth of ₹ 2,000 notes from a total of ₹ 3.56 lakh crore in circulation as on May 19. This has left only ₹ 0.14 lakh crore worth of ₹ 2,000 notes in circulation till September 29.
The data shows 96 per cent of the ₹ 2,000 banknotes in circulation as on May 19 has since been returned.