On October 7, 2023, was set as the last date by RBI to deposit high-value Rs 2,000 banknotes. Only Rs 12,000 crore (3.37%) of currency notes were circulating a day before the deadline…
Banks stopped accepting Rs 2,000 banknotes on Saturday (October 7). RBI Governor Shaktikanta Das reported only Rs 12,000 crore (3.37%) of currency notes circulating a day before the deadline. About 96% of Rs 2,000 banknotes were returned to banks.
The RBI posted no final update after the deadline.
What happens to unexchanged or undeposited Rs 2,000 notes?
The RBI allows individuals and entities to exchange Rs 2,000 notes at the 19 RBI Issue Offices up to Rs 20,000, tender Rs 2,000 banknotes for credit to their Indian bank accounts for any amount, or send Rs 2000 banknotes through India Post to any of the 19 RBI Issue Offices for credit.
The 19 RBI Issue Offices are in
Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
RBI has repeatedly said Rs 2,000 notes will be lawful currency. RBI withdrew Rs 2,000 banknotes worth Rs 3.56 lakh crore at the close of business on May 19, 2023.
September 30 was the previous date to finish the exchange and deposit exercise and give the public time. To avoid last-minute rushes, deposit or exchange Rs 2000 in September.
On September 30, RBI extended deposit and exchange till October 7, 2023, after reviewing. RBI said that banks will stop accepting Rs 2000 banknotes for account credit or exchange after October 8, 2023.
Rs 2,000 banknotes were taken from circulation on May 19 but deemed lawful tender by the RBI. RBI ordered banks to stop issuing such currencies immediately.
After all Rs 500 and Rs 1000 banknotes lost legal tender status in November 2016, the Rs 2000 denomination was designed to immediately meet the economy’s monetary demands.
After other denomination banknotes became plentiful, Rs 2000 banknotes were launched. Printing Rs 2000 banknotes ended in 2018-19.
Conclusion
On October 7, 2023, was set as the last date by RBI to deposit high-value Rs 2,000 banknotes. The banking system held over 96% of Rs 2,000 banknotes a day before the deadline, with 3.37 percent in circulation. R2,000 notes will remain legal tender, says RBI. At close of business on May 19, 2023, Rs 2,000 banknotes were worth Rs 3.56 lakh crore.
By September 30, the RBI extended deposit and exchange to October 7, 2023, and banks will stop accepting Rs 2000 banknotes for credit or exchange on October 8. After all Rs 500 and Rs 1000 banknotes lost legal tender status in November 2016, the Rs 2000 denomination was introduced to meet the economy’s monetary needs swiftly.
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