ANI
30 Sep 2023, 22:07 GMT+10
Mumbai (Maharashtra) [India], September 30 (ANI): The Reserve Bank of India (RBI) has announced an extension of the deadline for depositing or exchanging Rs 2,000 denomination banknotes till October 7, 2023.
The RBI had originally set September 30 as the deadline to facilitate the completion of the withdrawal process.
Last month, the RBI reported that approximately 93 per cent of Rs 2,000 banknotes had been returned to the banking system since May, when the central bank initially announced the withdrawal of the high-denomination note from circulation.
Individuals were instructed to exchange or deposit their Rs 2,000 notes at bank branches or regional branches of the RBI. Even non-account holders were permitted to exchange Rs 2,000 banknotes, up to a maximum of Rs 20,000 at a time, at any bank branch.
the RBI announced the decision to withdraw the Rs 2,000 denomination banknotes from circulation On May 19, though it maintained their status as legal tender. RBI had advised banks to cease issuing these banknotes with immediate effect.
Rs 2,000 banknote was introduced in November 2016, primarily to meet the rapid currency requirements of the economy following the demonetization of all Rs 500 and Rs 1,000 banknotes in circulation at the time.
Once banknotes in other denominations became readily available in sufficient quantities, the objective of introducing the Rs 2,000 banknote was achieved, the government said. (ANI)Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...