ANI
01 Oct 2023, 02:37 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 InformationCOLUMBUS, Ohio: To stop the spread of bird flu, more than 1.3 million chickens will be killed on Ohio's Union ...
In a devastating turn of events, Israel's war on Gaza, sparked by Hamas's unprecedented attacks on October 7, has resulted ...
BATON ROUGE, Louisiana: In a Louisiana election where more than 43,000 people cast their ballots, a candidate for parish sheriff ...
LIVINGSTON, Kentucky: This week, railroad operator CSX said a train derailment involving 16 cars, two of which spilled molten sulfur ...
Fifty-seven journalists have been killed as of Saturday as a result of Israel's war on Gaza, which has extended to ...
TEL AVIV, Israel - Following Taoiseach Leo Varadkar's statement on Emily Hand's release, Israel's foreign minister says he summoned the ...
NEW YORK, New York - Retreating bond yields and a higher-then-expected GDP reading for the third quarter boosted U.S. stocks ...
WASHINGTON D.C.: President Joe Biden invoked a Cold War-era act this week to boost investment in U.S. manufacturing of medicines ...
NEW DELHI, India: On November 24, the Economic Times (ET) reported that Tesla is ready to invest up to $2 ...
NEW YORK, New York - U.S. stocks closed in positive territory despite a volatile day Tuesday. Spending much time in ...
WASHINGTON D.C.: On November 24, the U.S. Food and Drug Administration (FDA) recalled three more brands of whole and pre-cut ...
DETROIT, Michigan: US electric vehicle (EV) sales are expected to reach a record of 9% of all passenger vehicles this ...