On Saturday, September 30, the Reserve Bank of India (RBI) issued a press launch whereby it specified that the final date for depositing Rs 2000 notes has been prolonged to October 7, which implies that the general public has one other week to deposit the forex within the banks. The RBI reiterated that the Rs 2,000 word will stay a authorized tender even after the deadline to alternate ends. The earlier deadline was immediately (September 30).
Notably, information has revealed that 96 per cent of the Rs 2,000 banknotes in circulation as on May 19 have since been returned.
₹2000 Denomination Banknotes – Withdrawal from Circulation – Evaluationhttps://t.co/hOpOpA0J94
— ReserveBankOfIndia (@RBI) September 30, 2023
From October 8, banks will not settle for 2,000 notes for alternate nevertheless individuals would nonetheless be capable to alternate 2,000 notes. RBI specified choices that individuals may avail for depositing or exchanging Rs 2000 banknotes from October 8, 2023.
The choices specified are as follows:
Rs 2000 banknotes can proceed to be exchanged by people/entities on the 19 RBI Issue Offices as much as a restrict of Rs 20,000/- at a time.
Individuals/Entities can tender Rs 2000 banknotes on the 19 RBI Issue Offices for credit score to their financial institution accounts in India for any quantity.
Individuals/Entities from inside the nation may also ship Rs 2000 banknotes via India Post, addressed to any of the 19 RBI Issue Offices for credit score to their financial institution accounts in India.
Such alternate or credit score shall be topic to related RBI/Government rules, submission of legitimate id paperwork and due diligence as deemed match by RBI.
Courts, legislation enforcement businesses, authorities departments or every other public authority concerned in investigation proceedings or enforcement, could, as and when required, deposit/alternate Rs2000 banknotes at any of the 19 RBI Issue Offices with none restrict.
According to the RBI, it obtained Rs 3.42 lakh crore in Rs 2,000 notes from a complete of Rs 3.56 lakh crore in circulation as of May 19. This has resulted in roughly Rs 0.14 lakh crore price of Rs 2,000 notes remaining in circulation as of September 29.
RBI urged the general public to deposit or alternate the Rs 2000 banknotes with none additional delay.
It could also be recalled that on May 19, 2023, the Reserve Bank of India introduced that it was withdrawing the circulation of Rs 2000 forex notes. However, the central financial institution stated that the forex notes will nonetheless proceed to be authorized tender, and added that the general public can alternate the notes until 30 September. RBI additionally stated that printing of the high-value banknotes was stopped nearly 5 years in the past, and many of the notes in circulation have reached their finish of life and have develop into mutilated.
The Reserve Bank of India has suggested banks to cease issuing 2000 denomination banknotes with rapid impact.
RBI clarified that the banknotes within the 2000 denomination will proceed to be authorized tender and that RBI had undertaken the same withdrawal of notes from circulation in 2013-2014.
The Rs 2000 rupee word was launched together with the brand new Rs 500 word after demonetisation on eighth November 2016, when present Rs 500 and Rs 1000 notes had been withdrawn. It was extensively speculated at the moment that the very best denomination launched was a short lived provision.
