The Reserve Bank of India (RBI) has extended the deadline to exchange and deposit Rs 2,000 bank notes by another week, until 7 October.

Though the facility for deposit or exchange of Rs 2,000 notes at commercial bank branches will cease after 7 October, customers can exchange these notes at RBI's 19 regional offices (ROs), subject to a limit of Rs 20,000 per transaction. There is no such limit for the notes which are tendered at the RBI offices for crediting into bank accounts.

RBI said the Rs 2,000 notes “shall continue to be legal tender” even beyond 7 October but asked the public to deposit or exchange the notes “without any further delay”.

People within the country can also send Rs 2,000 notes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India, the statement said, specifying that such a transaction will be subject to regulation of the government and submission of documents.

The central bank said ever since it announced the move to withdraw Rs 2,000 notes on 19 May, Rs 3.42 lakh crore of such notes have been received into the system either by deposition into bank accounts or exchanging, from the public. This leaves only Rs 0.14 lakh crore of these notes in circulation as of 29 September 2023.

As per the RBI, 96% of the Rs 2,000 banknotes in circulation as on 19 May 2023 has since been returned.

The RBI had earlier fixed 30 September 2023, as the last date to deposit or exchange banknotes.

The RBI had in May decided to withdraw Rs 2,000 banknotes from circulation.

RBI also said that courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement can also deposit/exchange Rs 2,000 notes at any of the RBI offices without any limit.

“The facility for deposit/exchange of Rs 2,000 banknotes at the 19 RBI Issue Offices shall be available until further advice,” RBI said.