File image of a financial institution buyer depositing ₹2,000 foreign money notice
| Picture Credit score: R. Ragu
The Reserve Financial institution of India (RBI) has prolonged the deadline for change and deposit of ₹2,000 financial institution notes till October 7, including that the denomination will proceed to be authorized tender even after the date. From October 8, people and entities can change ₹2,000 notes at RBI problem places of work.
The sooner deadline to deposit and change the notice was at the moment, September 30.
An RBI notification mentioned that deposit or change of ₹2,000 notes at financial institution branches can be stopped from October 8, however could be exchanged on the 19 RBI Problem Workplaces as much as a restrict of ₹20,000 at a time.
People and entities throughout the nation also can ship ₹2,000 banknotes by means of India Publish, addressed to any of the 19 RBI Problem Workplaces for credit score to their financial institution accounts in India. Such change or credit score, mentioned the central financial institution, shall be topic to related RBI and Authorities laws, submission of legitimate id paperwork and due diligence as deemed match by RBI.
Nevertheless, courts, regulation enforcement companies, authorities departments and different public authority concerned in investigation proceedings or enforcement, might deposit and change the ₹2,000 notes at any of the RBI Problem Workplaces with none restrict.
In accordance with the info acquired from banks, of the overall worth of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as on Could 19, 2023, ₹3.42 lakh crore has been acquired again, leaving solely ₹0.14 lakh crore in circulation as on the shut of enterprise on September 29, 2023.
Thus, 96% of the ₹2,000 banknotes in circulation as on Could 19, 2023 has since been returned.