NEW DELHI, Sept 30: With about four per cent of the notes of Rs 2,000 denominations still in the circulation, the Reserve Bank of India has extended the deadline for exchanging the high value notes in the banks till October 7 after which the notes could be deposited only in the 19 “issue offices” of the RBI.
Originally Saturday was the last date for exchanging the notes in the banks.
The RBI in a statement on Saturday said the Rs 2,000 denominations notes would remain legal tender even after October 7 but the bank counters would stop accepting the notes, but people could still exchange ₹ 2,000 notes at 19 offices of the RBI. The notes can also be sent by post to the RBI’s “issue offices” by India Post.
The RBI said it has received ₹ 3.42 lakh crore worth of ₹ 2,000 notes from a total of ₹ 3.56 lakh crore in circulation as on May 19. This has left only ₹ 0.14 lakh crore worth of ₹ 2,000 notes in circulation till September 29, which mean that 96 per cent of the ₹ 2,000 banknotes in circulation as on May 19 has since been returned.
The RBI notification said the 19 RBI Issue Offices would also exchange up to a limit of ₹20,000 at a time. Individuals and entities within the country can also send ₹2,000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India. Such exchange or credit, said the central bank, shall be subject to relevant RBI and Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.
However, courts, law enforcement agencies, government departments and other public authority involved in investigation proceedings or enforcement, may deposit and exchange the ₹2,000 notes at any of the RBI Issue Offices without any limit.
(Manas Dasgupta)