Winning Bizness Sports Desk
Mumbai. Giving a breather to the lakhs of countrymen, the Reserve Bank of India has extended the deadline for exchange of Rs 2000 notes in the banks. Issuing a circular, RBI said that citizens have got another seven days to exchange their Rs 2000 notes, besides, clarifying that a maximum of Rs 20,000 notes can be exchanged at a time. According to RBI, 96 percent of Rs 2000 notes have been returned till September 29, 2023. As on 19 May 2023, 2000 rupee notes worth 3.56 lakh crore were in circulation. After that, notes worth Rs 3.42 lakh crore have returned to RBI so far.
What after October 7th ?
RBI has extended the deadline for exchanging Rs 2000 notes till October 7. It also clarified that the process of exchange of notes through banks will be stopped from October 8. Notably, the Reserve Bank of India had announced the demonetisation of Rs 2000 notes on 19 May 2023. Bank had given 4 months time to people for this. So that they can easily exchange their old notes by going to their bank or nearest post office. It was due to expire on September 30, 2023. However, RBI has extended the deadline for exchanging notes after reviewing, limiting the exchange of Rs 2000 notes to Rs 20,000 at a time.
Why withdrawal of Rs 2000 note from system ?
Rs 2000 note was issued in November 2016 just after all the Rs 500 and Rs 1000 notes in circulation at that time were withdrawn from circulation. Immediately after the demonetisation was announced, 2000 rupees note was issued to meet the demand of currency in the market. It came to light that the two thousand rupees note was not used for normal transactions. In line with the Reserve Bank of India's 'Clean Note Policy', it has been decided to withdraw Rs 2000 banknotes from circulation.
