Deadline to exchange Rs 2000 banknotes over; what are the options left?

Published on: 08 Oct 2023 at 06:11 PM

Published by: thefactnews

New Delhi, October 8

The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was Saturday (October 7).

A day before the deadline, Reserve Bank of India Governor Shaktikanta Das had said only about Rs 12,000 crore (or 3.37 percent) of the currency notes remained in circulation.

This essentially meant over 96 percent of the total value of Rs 2,000 banknotes were back in the banking system.

The final update from the RBI was yet to be notified after the deadline was over. What will happen to those individuals whose Rs 2000 banknotes are yet to be exchanged or deposited in the banks?

According to the RBI, Rs 2000 banknotes can continue to be exchanged by individuals or entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time; or can tender Rs 2000 banknotes for credit to their bank accounts in India for any amount; else people within the country can also send Rs 2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India.

Those 19 RBI Issue Offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

Also, RBI has on many occasions confirmed that Rs 2000 banknotes will continue to be legal tender.