The Reserve Bank of India (RBI) is likely to extend its September 30 deadline to return ₹2000 notes till October end, senior official familiar with the development. “It looks like the RBI will extend the date for deposit and exchange of ₹2,000 notes by at least for a month because it has to factor in the non-resident Indians as well as others living overseas,” senior official said as quoted by the daily.
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On 19 May, RBI removed the ₹2000 notes from circulation. It gave nearly four months to deposit or exchange notes worth ₹2000. The last date given by RBI to exchange or deposit ₹2000 is by 30 September.
According to the RBI press release issued on May 19, 2023, “The facility for deposit and/or exchange of ₹2000 banknotes shall be available for members of the public up to September 30, 2023.The facility for exchange of ₹2000 banknotes shall be provided to all members of the public by all banks through their branches.”
On 2 September, the RBI had said that as much as 93 percent of ₹2000 banknotes that were in circulation on May 19 have been returned to banks. Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes.
A report by Bloomberg also stated that there is still almost 240 billion rupees or $2.9 billion worth of the notes in circulation. While the vast majority of the 3.56 trillion rupees have since been banked, 7 percent of the notes remained in circulation as of September 1, the report stated.
