The Reserve Bank of India (RBI) is likely to extend the last date to exchange/deposit Rs 2,000 currency notes in the banks. Reportedly, the central bank will give time till the end of October for returning such notes into the banking system.
As per the current status, September 30th marks the final day for note exchange/deposit.
According to a report by Moneycontrol, a senior official familiar with the development said that the RBI is likely to grant an extension, however, the person refused to go on record.
Some top bankers Moneycontrol spoke to believe that the deadline extension could be aimed at securing withdrawal of the currency notes as close to 100 percent as possible.
“The RBI may probably come out with special dispensation for people who have missed the time window. Some people were abroad, some were not well, and so on. They may be given special dispensation to exchange the notes,” a senior official from South Indian Bank told the portal.
“Perhaps the RBI may offer a window to those who were abroad all these months,” said former RBI deputy governor R Gandhi.
“My sense is that the RBI will extend the deadline because the objective was withdrawal in a non-disruptive manner,” Chandan Sinha, former executive director of RBI, said.
RBI made an announcement on May 19, 2023, regarding the discontinuation of Rs 2,000 notes in circulation, citing it as part of its clean-note policy, and advised banks to stop issuing the notes with immediate effect.
According to a RBI statement, data from banks reveals that the total value of Rs 2,000 notes deposited in banks as of August 31, 2023, amounted to Rs 3.32 lakh crore. Consequently, on August 31, only Rs 2,000 notes worth Rs 0.24 lakh crore remained in circulation.
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