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Business News/ Money / Personal Finance/  RBI likely to extend 30 September deadline to return 2000 notes till THIS date: Report
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RBI likely to extend 30 September deadline to return ₹2000 notes till THIS date: Report

The Reserve Bank of India is likely to extend the deadline to return ₹2000 notes until the end of October.

Of the total currency in circulation amounting to ₹18,037 billion on 31 March 2018, ₹2000 notes accounted for 37.3%, down from 50.2% on 31 March 2017. Photo: MintPremium
Of the total currency in circulation amounting to 18,037 billion on 31 March 2018, 2000 notes accounted for 37.3%, down from 50.2% on 31 March 2017. Photo: Mint

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 told Moneycontrol. “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.

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.

Also Read: Amazon to stop accepting 2000 notes for Cash on Delivery services from THIS date

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."

Also Read: 2000 currency note exchange: What happens next? Check how to deposit these notes in a bank

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.

 

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Published: 29 Sep 2023, 01:56 PM IST
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