Deadline for exchanging Rs 2000 notes extended: What if you miss the deadline?

Deadline for exchanging Rs 2000 notes extended: What if you miss the deadline?

By Jack Loren 

September 30, 2023

On September 30, the Reserve Bank of India (RBI) announced an extension of the deadline for the exchange and deposit of ₹2,000 notes until October 7, 2023. 

The previous deadline for returning these notes was set to expire on the same day. According to the RBI's release, the deposit or exchange of ₹2,000 notes at bank branches will cease from October 8, 2023.  

However, these notes will remain legal tender even after October 7, but can only be exchanged at RBI offices.  

In the event that the October 7 deadline is missed, several measures will be implemented. Firstly, deposit and exchange at bank branches will be discontinued. 

However, individuals or entities may visit any of the 19 RBI Issue Offices to exchange ₹2,000 notes up to a limit of ₹20,000/- at a time.  

In such cases, submission of valid identity documents and due diligence as deemed fit by the RBI will be required.  

Despite these measures, the RBI has made it clear that ₹2,000 notes will continue to be legal tender.  

Exceptions have been made for courts, law enforcement agencies, government departments, or any other public authority involved in investigation proceedings or enforcement.  

These entities may deposit or exchange ₹2,000 banknotes at any of the 19 RBI Issue Offices without any limit.  

As of May 19, 2023, approximately 96 percent of the ₹2,000 banknotes in circulation have been returned, according to the RBI statement.  

The RBI has received ₹3.42 lakh crore out of the total value of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as of May 19, 2023, leaving only ₹0.14 lakh crore in circulation as of September 29, 2023.  

On May 19, 2023, the central bank announced the withdrawal of ₹2,000 currency bills from circulation.