The Reserve Bank of India (RBI) has extended the deadline for exchanging ₹2,000 notes to October 7, originally set for September 30.
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If individuals fail to deposit or exchange their ₹2,000 currency notes by the extended deadline, certain consequences will follow.
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Bank branches will stop accepting deposits or exchanges of ₹2,000 notes after the deadline.
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Individuals/entities can still exchange ₹2,000 notes at the 19 RBI Issue Offices, but there is a limit of ₹20,000 at a time.
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Alternatively, individuals/entities can deposit ₹2,000 notes into their bank accounts in India through the RBI Issue Offices for any amount.
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People within the country can also send ₹2,000 notes via India Post to any of the 19 RBI Issue Offices for credit to their bank accounts, subject to RBI/Government regulations and identity verification.
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Courts, law enforcement agencies, government departments, or public authorities involved in investigations can deposit/exchange ₹2,000 notes at RBI Issue Offices without any limit when needed.
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Despite the withdrawal, ₹2,000 banknotes will continue to be legal tender.
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As of September 2, 93% of ₹2,000 currency notes in circulation on May 19 have been returned to banks.
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The total value of ₹2,000 banknotes returned from circulation up to August 31, 2023, amounted to ₹3.32 lakh crore, according to RBI data.
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