RBI Extends Deadline for Rs 2000 Banknote Exchange:

RBI Extends Deadline for Rs 2000 Banknote Exchange:;The Reserve Bank of India (RBI) has extended the deadline for the exchange or deposit of Rs 2,000 banknotes from September 30, 2023, to October 7, 2023. This move comes as a relief for courts, law enforcement agencies, government departments, and public authorities involved in investigations or enforcement, allowing them to deposit or exchange Rs 2,000 banknotes at any of the 19 RBI Issue Offices without any set limit.

Key Points:RBI Extends Deadline for Rs 2000 Banknote Exchange:

  • The deadline extension was announced in a press release by the RBI on September 30, 2023, in light of the withdrawal period expiration.
  • Rs 2,000 banknotes remain valid as legal currency.
  • Starting from October 8, 2023, new procedures for depositing or exchanging Rs 2,000 banknotes will be in effect:
  • Bank branch deposits/exchanges cease; Rs 2,000 notes exchangeable at 19 RBI Issue Offices, max limit Rs 20,000/transaction.
  • Deposits can be made at the 19 RBI Issue Offices and credited to Indian bank accounts.
  • Domestic individuals and entities can send Rs 2,000 banknotes via India Post to the RBI Issue Offices for crediting to their Indian bank accounts.
  • Transactions are subject to RBI and government regulations, including identity verification and compliance with due diligence procedures.
  • For the public, Rs 2,000 banknotes can be exchanged, with a cap of Rs 20,000 per transaction.
  • In case a bank refuses the exchange or deposit, individuals can seek redressal through the RBI’s complaint resolution process.
RBI Extends Deadline for Rs 2000 Banknote Exchange:
RBI Extends Deadline for Rs 2000 Banknote Exchange:

Why Rs 2,000 Banknotes Are Being Withdrawn:RBI Extends Deadline for Rs 2,000 Banknote Exchange:

The Rs 2,000 banknote was introduced in November 2016 to meet the currency demand following the demonetization of Rs 500 and Rs 1,000 banknotes. Production ceased in 2018-19 as the majority of these notes reached the end of their estimated lifespan, were seldom used for transactions, and other denominations met currency demands effectively.

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