Date to exchange ₹2,000 notes extended: What happens if you miss October 7 deadline?

The Reserve Bank of India (RBI) on 30 September extended the last day to exchange and deposit ₹2,000 notes till October 7, 2023.

The earlier deadline for returning ₹2,000 notes was set to expire on Saturday.

As per the RBI release, the deposit or exchange of ₹2,000 notes at bank branches will be stopped from 8 October. However, ₹2,000 notes will continue to be legal tender even after October 7 but can be exchanged only at RBI offices

Here's what happens if you miss the October 7 deadline.

1) The deposit and exchange at bank branches will be stopped.

2) However, individuals or entities may reach the 19 RBI Issue Offices, where they can exchange ₹2000 notes up to a limit of ₹20,000/- at a time.

3) Submission of valid identity documents and due diligence as deemed fit by RBI will be required for exchange in that case.

ALSO READ: RBI extends deadline to exchange ₹2,000 notes till October 7; check details

4) Despite, all this ₹2000 will continue to be legal tender, the central bank said clearly.

5) Meanwhile, RBI gave exceptions to courts, law enforcement agencies, government departments, or any other public authority involved in investigation proceedings or enforcement, as and when

required, deposit, or exchange ₹2000 banknotes at any of the 19 RBI Issue Offices without any limit.

About 96 percent of the ₹2,000 bank notes in circulation as of May 19, 2023, have since been returned, according to the RBI statement. The RBI, citing data received from banks, said that out of the total value of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as of May 19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023.

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

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