96% of Rs 2,000 banknotes returned by Sep 30; RBI allows exchange at bank counters till Oct 7

The Reserve Bank of India (RBI) announced on Saturday that the date for deposit or exchange of Rs 2,000 banknotes at bank branches has been extended till October 7, 2023. The banks were earlier advised to provide deposit and exchange facility for Rs 2,000 banknotes till September 30, 2023.

The RBI also noted in its statement on Saturday that a total of Rs 3.42 lakh crore has been received back from the Rs 3.56 lakh crore of Rs 2,000 banknotes in circulation as of May 19, 2023. Thus, 96 percent of the Rs 2,000 banknotes in circulation has since been returned.

The central bank said that from October 8, Rs 2,000 banknotes will continue to be exchanged by individuals at 19 RBI Issue Offices — up to a limit of Rs 20,000 at a time. These currency notes can also be tendered at the Issue Offices for credit to their bank accounts in India for any amount.