2000 note exchange : On September 30, the Reserve Bank of India extended the withdrawal of 2,000 rupees from the system by another week, until October 7.
“… it has been decided to continue the existing deposit/exchange facility of Rs 2,000 till October 7, 2023,” the central bank said in a statement. In a statement on Saturday, the RBI said the Rs 2,000 notes “will remain legal tender” even after October 7, but asked the public to deposit or exchange the notes without further delay. Earlier, the deadline for deposit/exchange of Rs 2000 notes was 30.09.2023. What happens after October 7th?
The deposit/exchange facility of bank branches will be stopped from October 8 and people will have to exchange at 19 RBI offices, the statement said, adding, “Deposit/exchange facility of ₹2,000 notes at 19 RBI offices will be available till further notice .
The exchange limit for notes is Rs 20,000 per transaction, while there is no limit for notes offered for credit to bank accounts at RBI offices.
People in the country can also send 2,000 note exchange RBI notes addressed to any of RBI’s 19 issuing offices through India Post for credit to their bank accounts through India Post, the statement said, explaining that such a transaction is subject to government and government regulations. . transmission of documents.
RBI, on the other hand, said in its notification, “Courts, law enforcement agencies, ministries or other government agencies involved in investigative or enforcement proceedings may deposit/exchange ₹2,000 currency notes at any of the 19 RBI issuing offices as and when required and without restriction. .” In a surprise move, the central bank announced the demonetisation of Rs 2,000 notes in May, but said it was not similar to the November 2016 demonetisation, when Rs 500 and Rs 1,000 notes were illegally auctioned overnight.
In May 2023, RBI announced that higher denomination notes were introduced to monetize the economy faster and this move served its purpose. As the printing of banknotes was stopped from the 19th financial year, there was also concern about the quality of the banknotes in circulation.