RBI Extends Deadline To Exchange ₹2,000 Banknotes To October 7; Will Continue To Remain Legal Tender

The Reserve Bank of India (RBI) extended the deadline to exchange or deposit Rs 2,000 notes till October 7, 2023. The apex bank made the announcement on Saturday, a day before its original deadline of September 30.

In a circular, the RBI said that Rs 2,000 note can be exchanged across banks till October 7; following which the currency will be available for exchange only at 19 RBI issue offices up to a limit of Rs 20,000 at a time. Individuals or entities can credit the currency to their bank accounts in India for any amount at the apex bank's offices.

Where are RBI offices in India?

RBI has offices in Ahmedabad, Bengaluru, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, Patna and Thiruvananthapuram.

"Individuals/entities from within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India," the RBI said.

What will be the legality of Rs 2,000?

Since the RBI's announcement in May on the withdrawal of Rs 2,000 note from circulation, concerns arose whether the currency will continue to remain a legal tender or not.

In Saturday's notification on extending the deadline, the RBI clarified that the Rs 2,000 will remain a legal tender.

"Rs 2,000 banknotes shall continue to be legal tender," the notification stated.