RBI: The Reserve Bank of India (RBI) said in a statement today that the deadline to convert rupees two thousand notes at banks has been extended till October 7. The 2,000 note will continue to be legal tender after the exchange deadline has passed, according to the RBI. The earlier deadline was this morning.
Where and How to Exchange 2,000 Rupee Notes After October 7
Beginning on October 8, banks will no longer accept 2,000 rupee notes for exchange. However, there are 19 RBI offices where consumers can still exchange up to 2,000 notes. India Post is able to mail the notes to the RBI’s “issue offices” as well.
RBI’s Data Reveals Dramatic Circulation Shift
According to the RBI, it has received 2,000 notes totaling 3.42 trillion rupees out of a total of 3.56 trillion rupees in circulation as of May 19. As a result, as of September 29 there were only 2,000-rupee notes worth 0.14 lakh crore in circulation. According to the data, 96% of the 2,000 Japanese yen banknotes that were in use on May 19 have now been returned.
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