On 30-9-2023, the Reserve Bank of India (‘RBI’) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes will be stopped at the Bank Branches.

Key Points:

  1. Starting from 8-10-2023, the procedure for deposit or exchange will be as follows:

    • The deposit or exchange at bank branches will be stopped.

    • Rs. 2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of Rs.20,000/- at a time.

    • Individuals / Entities can tender Rs. 2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount.

    • Individuals / Entities from within the country can also send Rs. 2000 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 will be subject to relevant RBI / Government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.

    • Courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement can deposit or exchange at any of the 19 RBI Issue Offices without any limit.

  2. Rs. 2000 banknotes will continue to be a legal tender.

  3. A total value of Rs. 3.56 lakh crore of Rs. 2000 banknotes were circulated on 19-5-2023 out of which a total of Rs. 3.42 lakh crore was received back as on 29-9-2023 by the RBI.

  4. As per the Circular dated 19-5-2023, the last date of exchange was fixed by 30-9-2023. Now, it has been extended to 7-10-2023.

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