The Reserve Bank of India (RBI) on Saturday extended the last date for the exchange of Rs 2,000 banknotes by one week, from October 1 to October 7, 2023.
The RBI said that the decision to extend the deadline was taken after a review of the withdrawal process, which began on May 19, 2023. As of September 29, 2023, Rs 3.42 lakh crore worth of Rs 2,000 banknotes have been withdrawn from circulation, leaving only Rs 0.14 lakh crore in circulation. This means that 96% of the Rs 2,000 banknotes in circulation have been returned to banks.
The RBI had announced the withdrawal of Rs 2,000 banknotes from circulation in order to reduce the use of cash and promote digital payments. The Rs 2,000 note was introduced in November 2016 after the demonetization exercise led to the scrapping of Rs 500 and Rs 1000 banknotes.
To exchange Rs 2,000 banknotes, members of the public can visit any bank branch. They will need to carry their valid ID proof and the Rs 2,000 banknotes they want to exchange.
