Deadline to exchange ₹2,000 notes extended. What will happen if you miss it?

On September 2, the RBI had said that as much as 93 per cent of ₹2000 currency notes that were in circulation on May 19, have been returned to banks.

Published on: Sep 30, 2023, 20:29:10 IST

By HT News Desk | Written by Aryan Prakash

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The Reserve Bank of India on Saturday extended the deadline for exchanging your ₹2,000 notes till October 7. Initially, the central bank had allotted time till September 30 to exchange or deposit the ₹2,000 notes.

If you have still not deposited or exchanged the ₹2,000 currency notes till now, you should do it immediately. If you fail to meet the October 7 deadline, here's what will happen:

RBI on May 19 had announced withdrawal of ₹2,000 currency notes from circulation and gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. (HT_PRINT)

The deposit / exchange at bank branches shall be stopped.

2. ₹2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time.

3. Individuals / Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.

4. Individuals / Entities from within the country can also send ₹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.

5. Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement, may, as and when required, deposit / exchange ₹2000 banknotes at any of the 19 RBI Issue Offices without any limit, the RBI statement said.

6. ₹2000 banknotes shall continue to be legal tender.

‘93% of ₹2,000 notes returned to banks’

On September 2, the RBI had said that as much as 93 per cent of ₹2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023, the central bank had said in a statement.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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