The Reserve Bank has officially extended the special campaign to phase out Rs 2,000 banknotes from the financial system for an additional week, now effective until October 7. As reported by the RBI, the Indian public has successfully returned Rs 3.42 lakh crore worth of Rs 2,000 notes since May 19. This announcement was made by the RBI on the final day of the note withdrawal initiative.
Up until September 29, these banknotes were either deposited or exchanged at bank branches, accounting for approximately 96 percent of the currency in circulation as of May 19 this year, according to the Reserve Bank of India.
It’s worth noting that even after October 7, Rs 2,000 notes will maintain their status as legal tender. However, individuals can only exchange them at RBI offices; regular bank branches will no longer accept deposits or exchanges of these notes.