RBI Extends Deadline for Exchange of ₹2000 Banknotes

RBI Extends Deadline for Exchange of ₹2000 Banknotes

VoM News Desk | September 30, 2023 | 05:14 PM IST | Breaking News | Follow on Google News

RBI Extends Deadline for Exchange of ₹2000 Banknotes

The Reserve Bank of India (RBI) has announced an extension of the deadline for the exchange of ₹2000 banknotes until October 7. This decision comes after the RBI’s earlier announcement on May 19, which declared the withdrawal of ₹2000 banknotes from circulation. Initially, the central bank had set the deadline for the exchange of these notes at banks until September 30, 2023.

Rs 2,000 Banknotes to Lose Value After September 30

Extension to Facilitate Smooth Transition

The extension of the deadline is aimed at ensuring a smooth transition for the public to exchange their ₹2000 banknotes. It provides individuals with additional time to complete the process and avoid any inconvenience related to holding these notes.

This move by the RBI emphasizes the central bank’s commitment to effectively managing the currency in circulation and facilitating the shift to newer denominations or digital payment methods, as part of its monetary policy initiatives.

VoM News Desk

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