RBI likely to extend 30 September deadline to return ₹2000 notes till THIS date: Report

livemint.com:

₹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. 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." 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. "Exciting news! Mint is now on WhatsApp Channels