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In a recent development, the Reserve Bank of India (RBI) has announced an extension of the deadline for the exchange or deposit of Rs 2,000 denomination banknotes. The apex bank’s decision comes on the heels of the original deadline set for September 30, 2023.
The RBI, in a circular issued on Saturday, has officially extended the period for the exchange of Rs 2,000 notes. Individuals and entities now have the opportunity to exchange or deposit these notes across various banks until October 7, 2023.
However, it’s noteworthy that after the aforementioned deadline, the exchange of Rs 2,000 notes will be limited to 19 designated RBI issue offices, with a cap of Rs 20,000 per transaction. Individuals and entities will retain the option to credit these notes to their bank accounts in India at any amount, exclusively at the apex bank’s offices.
This extension provides a grace period for those who still possess Rs 2,000 notes to ensure a smooth transition and compliance with the RBI’s guidelines. The RBI continues to monitor and adapt its policies to facilitate the seamless exchange and transition of currency for the public’s convenience.
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