Reserve Bank of India extends deadline to exchange, deposit Rs 2,000 notes till October 7

The Reserve Bank on Saturday extended the special drive to withdraw Rs 2,000 bank notes from the system by another week, till October 7. The public has returned Rs 3.42 lakh crore of the Rs 2,000 notes since May 19, the RBI said in a statement posted on the last day of the drive to withdraw the notes.

These notes were either deposited or exchanged at bank branches till September 29, and represent 96 per cent of the outstanding currency in circulation as on May 19 this year, the Reserve Bank of India (RBI) said.

The Rs 2,000 notes shall continue to be legal tender even after October 7, but can be exchanged only at RBI offices, the central bank said, adding that they cannot be deposited or exchanged at bank branches.