RBI Extends Facility To Exchange Rs 2,000 Notes Till Oct. 7
The public can continue getting Rs 2,000 exchanged and deposited at RBI Issue Offices up to a limit of Rs 20,000 at a time.
The Reserve Bank of India has extended the deposit and exchange of Rs 2,000 currency notes till Oct. 7.
From Oct. 8, the exchange and deposit will be stopped at bank branches. The public can continue getting Rs 2,000 exchanged and deposited at RBI Issue Offices up to a limit of Rs 20,000 at a time, RBI said in a statement.
This facility, it said, is available until further notice. "Individuals and entities can tender Rs 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount."
The Rs 2000 bank notes will continue to be legal tender, it added.
As per the data from banks, the total value of Rs 2,000 banknotes received from circulation is Rs 3.42 lakh crore as of Sept. 29, according to the statement.
This means that 96% of notes in circulation as on May 19, have been returned to the banks, it said.
The Rs 2,000 bank notes can be sent through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India, it added.
"Such exchange or credit shall be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI."
The central bank advised the public to get their Rs 2,000 bank notes deposited or exchanged "without any further delay."
Analysts had previously expected Rs 2,000 notes collection to be strong and 98-99% of them to come back in the system.
The central bank announced the withdrawal of Rs 2,000 currency notes from circulation on May 19. However, it clarified that it will continue to maintain its legal tender status, and the public still has time until Sept. 30 to either deposit or exchange these notes.
