As the period specified for the withdrawal has come to an end, and based on a review, it has been decided by RBI to extend the current arrangement for deposit/exchange of Rs 2,000 banknotes until October 7, 2023.
Of the total value of Rs 3.56 lakh crore of Rs 2,000 banknotes in circulation as on May 19, 2023, Rs 3.42 lakh crore has been received back, leaving only Rs 0.14 lakh crore in circulation as at the close of business on September 29, 2023; thus, 96% of Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned.
In a communication to the chairman / managing director / chief executive officerof all banks, RBI has stated that banks should continue to maintain daily data on deposit/ exchange of Rs 2,000 banknotes in the format prescribed vide circular dated May 22, 2023, and submit the same to RBI.
With effect from October 8, 2023, banks shall stop accepting Rs 2,000 banknotes for credit to accounts or exchange to other denomination banknotes. Rs 2,000 banknotes shall continue to be allowed to be presented at the 19 Regional Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or exchange. All instructions issued under para 3A of RBI circular dated May 19, 2023, in the matter shall continue to remain in force. Banks shall also ensure that Rs 2000 banknotes collected by their branches till October 07, 2023, are deposited at currency chests on or before October 13, 2023. Rs 2,000 banknotes shall continue to be legal tender. A copy of the press release may also be displayed in the banking hall and ATM kiosks for information of the customers/public. Banks have been requested to issue suitable instructions to the branches in this regard.