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₹2000 Denomination Banknotes – Withdrawal from Circulation – Review

News Financial services English Law & Policy Updates
Date: 30th Sep, 2023 Source: Reserve Bank of India Country: India Original Source

Brief

Summary:

The Reserve Bank of India (RBI) has announced the extension of the deadline for the deposit and exchange of u20b92000 banknotes until October 7, 2023. As of September 29, 2023, 96% of the total value of u20b92000 banknotes in circulation, worth u20b93.42 lakh crore, has been returned. The revised procedure for deposit and exchange will be as follows: individual exchange up to u20b920,000 at RBI Issue Offices, deposit into bank accounts, and exchange through India Post. The facility will be available until further notice, and individuals are advised to exchange their notes without delay.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. In order to complete the exercise in a time bound manner and to provide adequate time to members of the public, the banks were advised to provide deposit and / or exchange

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The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. In order to complete the exercise in a time bound manner and to provide adequate time to members of the public, the banks were advised to provide deposit and / or exchange

This content is restricted.

Reserve Bank of India

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