The Reserve Bank of India (RBI) has extended the deadline for the exchange or deposit of ₹2,000 notes from September 30, 2023, to October 7, 2023. According to a statement released by the RBI on the final day of the ₹2,000 notes withdrawal drive, the public has returned ₹3.42 lakh crore worth of these notes since May 19, 2023. Until September 29, these notes were either deposited or exchanged at bank branches, constituting 96 percent of the currency in circulation as of May 19 this year, as reported by the RBI.
A press release from the RBI on September 30, 2023, stated that the existing provision for depositing or exchanging ₹2,000 banknotes would be extended until October 7, 2023, due to the expiration of the withdrawal period.
It’s crucial to emphasise that ₹2,000 banknotes will continue to be recognised as legal tender. Nevertheless, the central bank clarified that these notes can only be exchanged at RBI offices and cannot be deposited or exchanged at regular bank branches. Starting from October 8, 2023, there will be new protocols in place for depositing or exchanging ₹2,000 banknotes.
- Bank branches will cease accepting deposits or exchanges.
- People and organisations have the option to exchange ₹2,000 banknotes at any of the 19 RBI Issue Offices, with a maximum limit of ₹20,000 per transaction.
- Individuals and entities also have the option to deposit ₹2,000 banknotes at any of the 19 RBI Issue Offices and have them credited to their Indian bank accounts.
- Indian residents and organisations within the country can choose to dispatch ₹2,000 banknotes through India Post to any of the 19 RBI Issue Offices for crediting to their Indian bank accounts.
- These transactions are contingent upon adherence to pertinent RBI and government regulations, which necessitate valid identity documents and compliance with the RBI's due diligence protocols.
- Courts, law enforcement agencies, government departments, or other public authorities involved in investigations or enforcement activities have the flexibility to deposit or exchange ₹2,000 banknotes at any of the 19 RBI Issue Offices without a specified limit.
Stipulated limit to exchange
Members of the general public can exchange ₹2,000 banknotes, with a maximum limit of ₹20,000 per transaction.
If a bank declines to exchange or accept a deposit of ₹2,000 banknotes, individuals can pursue redressal procedures as outlined on the RBI website, which specifies, “For redressal of grievances due to deficient service, complainants or aggrieved customers may initially approach the concerned bank. If the bank fails to respond within 30 days of lodging the complaint or if the complainant remains unsatisfied with the bank's response or resolution, they have the option to file a complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021, through the Complaint Management System portal of RBI.”