 "Banks to continue accepting Rs 2,000 note till October 7, says RBI")
The Reserve Bank of India (RBI) on Saturday announced that it has extended the deadline for accepting Rs 2,000 denomination banknotes at bank branches to October 7, 2023.
After this date, the banknotes can be deposited at 19 RBI Issue Offices until further notice.
"As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of ₹2000 banknotes until October 07, 2023," stated the RBI press release.
As of September 29, 2023, Rs 3.42 trillion of the Rs 3.56 trillion worth of Rs 2,000 notes in circulation as of May 19 has been returned. This means 96 per cent of these high-denomination banknotes have been received back, leaving only Rs 14,000 crore still in circulation.
The RBI confirmed that Rs 2,000 notes will continue to be legal tender. The announcement comes after the central bank declared on May 19, 2023, that it would withdraw Rs 2,000 banknotes from circulation, effective September 30, 2023. The RBI had also instructed banks to cease issuing these notes immediately.
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