RBI’s Possible Extension of ₹2000 Note Return Deadline
The Reserve Bank of India (RBI) is considering extending the deadline for the return of ₹2000 notes beyond September 30, according to a senior official familiar with the matter. This potential extension comes as the RBI takes into account the need to accommodate non-resident Indians (NRIs) and individuals residing overseas.
On May 19, the RBI withdrew ₹2000 notes from circulation and provided a four-month window for the public to either deposit or exchange these notes. The original deadline set by the RBI for the exchange or deposit of ₹2000 notes was September 30.
The Possible Extension
As per the senior official’s statement, the RBI is contemplating extending the deadline by at least one month. This move aims to facilitate the exchange and deposit of ₹2000 notes by NRIs and individuals residing abroad. The RBI is considering this extension to ensure that individuals who are not currently in India have ample time to comply with the deadline.
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The RBI had previously disclosed that approximately 93 percent of the ₹2000 banknotes in circulation on May 19 had already been returned to banks by September 2. Data collected from major banks indicated that out of the total ₹2000 denomination banknotes received back, approximately 87 percent were in the form of deposits, with the remaining 13 percent having been exchanged for banknotes of other denominations.
Remaining Currency in Circulation
A Bloomberg report highlighted that despite the significant return of ₹2000 notes, there is still an estimated 240 billion rupees or $2.9 billion worth of these notes in circulation. Although the majority of the 3.56 trillion rupees initially in circulation have been deposited in banks, approximately 7 percent of the notes remained in circulation as of September 1.
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Potential Relief for Note Holders
The possible extension of the deadline for returning ₹2000 notes by the RBI provides relief to individuals, including NRIs, who may have been unable to meet the original September 30 deadline. This extension acknowledges the diverse locations and circumstances of note holders and aims to ensure a fair opportunity for everyone to complete the exchange or deposit process. As the RBI evaluates the extension, it emphasizes the importance of flexibility and accessibility in managing currency transitions.
