The Reserve Bank of India (RBI) is considering an extension of the September 30 deadline for the return of ₹2000 notes until the end of October. This potential extension is being contemplated to accommodate non-resident Indians and others living abroad.
On May 19, the RBI withdrew ₹2000 notes from circulation, allowing nearly four months for deposit or exchange. The deadline for exchanging or depositing ₹2000 notes was set for September 30. As of September 2, the RBI reported that approximately 93 percent of the ₹2000 banknotes in circulation on May 19 had been returned to banks. Major banks’ data indicates that around 87 percent of these returned banknotes were in the form of deposits, while the remaining 13 percent had been exchanged for banknotes of other denominations.
A Bloomberg report also noted that nearly 240 billion rupees or $2.9 billion worth of these notes are still in circulation, with 7 percent remaining in circulation as of September 1.
