Last Date For Depositing Rs 2,000 Notes Extended Till This Date; What Happens After That?

New Delhi: The Reserve Bank of India (RBI) has extended the last date for depositing and exchanging Rs 2,000 denomination currency notes by one week.

The central bank had notified earlier that all Rs 2,000 bank notes must be exchanged by September 30. Today, RBI extended the deadline to October 7.

By September 29, RBI informed it had collected Rs 3.42 lakh crore worth of Rs 2,000 banknotes following its circular on May 19 announcing that the currency notes would be withdrawn from circulation. As of yesterday, Rs 0.14 lakh crore worth of 2,000 denomination notes were still in circulation.

RBI clarified that from October 8, all banks will not be accepting Rs 2,000 notes for credit to accounts or exchange into other denomination. However, the public can approach the 19 RBI Issue offices to exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time after October 8.

The notes can also be sent to RBI Issue offices through India Post and the amount will be credited to respective bank accounts. Such exchange or credit will be subject to relevant regulations of RBI or Central government, submission of valid identity documents and due diligence as deemed fit by the central bank.