Good News for Consumers
The Reserve Bank of India (RBI) had set a deadline of September 30 for withdrawing Rs.2000 notes from circulation. Many people were unsure if this deadline would be extended. However, RBI has now made a crucial decision benefiting consumers.
New Deadline: October 7
RBI has extended the deadline for exchanging Rs.2000 notes. Now, people have until October 7 to exchange these notes.
Background
Initially, on May 19, 2023, RBI provided a four-month window for withdrawing Rs.2000 notes. As the deadline approached, there was uncertainty about its extension. But in a recent move, RBI decided to extend the deadline. Banks have been instructed to facilitate the withdrawal process for these large notes. Holders can either deposit them in the bank or exchange them for other denominations.
This extension comes as a relief for many who were uncertain about what would happen after September 30.