Rs 2,000 Note Exchange Deadline Ends Today; What Changes From October 8, Check Here

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New Delhi: On September 30, the Reserve Bank of India extended the special operation to remove Rs 2,000 bank notes from circulation for an additional week, until October 7 (Saturday). Before, September 30, 2023, was the last day to deposit or exchange notes worth Rs 2,000.

RBI Extended The Deadline On September 30

The central bank had said in a statement that "it has been decided to extend the current arrangement for deposit/exchange of Rs 2,000 banknotes until October 07, 2023." ()

October 7 Deadline

Even after October 7, according to the RBI, the Rs 2,000 notes "shall continue to be legal tender," although it urged the public to deposit or exchange the notes "without any further delay."

Beginning on October 8, consumers will no longer be able to deposit or exchange money at bank branches; instead, they must do so at one of RBI's 19 offices.

There is no limit for notes presented at RBI offices for crediting into bank accounts, but there is a cap of Rs 20,000 per transaction for notes being exchanged.

The announcement stated that anyone within the nation could also send Rs 2,000 notes by India Post, addressed to any of the 19 RBI Issue Offices, for credit to their Indian bank accounts, but added that such a transaction would be subject to government regulation and documentation requirements.

The RBI further stated that any public authority participating in inquiry or enforcement actions, including courts, law enforcement agencies, government departments, or other public bodies, may deposit or exchange notes worth Rs 2,000 at any of its offices without any restrictions.

"Until further advice," the RBI stated, "the facility for deposit/exchange of Rs 2,000 banknotes at the 19 RBI Issue Offices shall be available.