RBI Extends Deadline to Return Rs 2,000 Notes at Bank Branches till October 7

Mumbai, October 1, 2023 – The Reserve Bank of India (RBI) has announced a further extension of the deadline for the return of Rs 2,000 denomination notes at bank branches. In a move aimed at facilitating the transition to newer currency denominations and promoting digital transactions, the RBI has pushed the deadline from its previous date of September 30 to the new deadline of October 7, 2023.

This extension comes as a relief to individuals who still possess Rs 2,000 notes and were concerned about the looming deadline. The RBI had initially demonetized the Rs 2,000 notes as part of its efforts to curb black money and encourage the use of smaller denominations. However, recognizing the challenges faced by some citizens in exchanging or depositing these notes, the central bank has extended the window for their return multiple times.

In its official statement, the RBI urged individuals holding Rs 2,000 notes to make use of this extended period to exchange or deposit these notes at their nearest bank branches. After October 7, 2023, the notes can only be exchanged at designated RBI offices, and individuals may be required to provide valid reasons for the delay.

The RBI also reiterated its commitment to promoting digital transactions and the use of lower denomination currency notes for everyday transactions. It encouraged citizens to embrace the convenience of digital payment methods, such as mobile wallets, UPI, and digital banking, as well as using smaller denominations like Rs 500 and below for their financial transactions.

This extension of the deadline is expected to provide further flexibility to those who still hold Rs 2,000 notes, allowing them to smoothly complete the exchange process without unnecessary inconvenience.

For any additional information and clarification regarding the exchange or deposit of Rs 2,000 notes, individuals are advised to contact their respective bank branches or visit the RBI's official website.

With the new deadline of October 7, 2023, individuals now have an extended window of opportunity to return their Rs 2,000 notes and align themselves with the government's efforts to promote a digital and transparent economy.