₹2000 Note Withdrawal: Final Extension Till Oct 7, 2023
Current · Source: Reserve Bank of India · RBI/2023-24/64 · issued 30 Sep 2023 · ~2 min read
Quick answerRBI extends ₹2000 note deposit/exchange at banks till Oct 7, 2023. From Oct 8, only RBI offices will accept them. 96% of notes (₹3.42 lakh crore) already returned. Notes remain legal tender.
The rule, in the simplest words
Banks must accept ₹2000 notes for deposit or exchange until October 7, 2023, and report daily numbers to RBI in the required format.
From October 8, 2023, banks cannot take ₹2000 notes anymore; customers must go to RBI offices for that.
All ₹2000 notes collected by banks must be sent to currency chests (special bank vaults) by October 13, 2023.
₹2000 notes are still legal tender (you can use them to pay), so no one should panic.
How it plays out — a real example
A currency-chest / cash officer in Indore, Priya, sees a long line of customers on October 5, 2023, wanting to deposit their ₹2000 notes. She calmly accepts each note, updates the daily report in the RBI format, and reminds her branch manager to send all collected notes to the currency chest by October 13. After October 7, she directs any latecomers to the nearest RBI office, explaining that the notes are still valid money.
What changed
RBI reviewed the ₹2000 note withdrawal and decided to extend the deposit/exchange window at all banks by one week, until October 7, 2023. From October 8, 2023, banks must stop accepting these notes for credit or exchange; only the 19 RBI Issue Offices will handle them. Banks must deposit all collected notes at currency chests by October 13, 2023.
What it means for you
Banks have a tight one-week window to process remaining ₹2000 notes before the facility shifts entirely to RBI. This reduces operational burden on branches after Oct 7, but requires careful daily reporting and timely chest deposits. The continued legal tender status means no panic for customers, but banks must manage last-minute rush and ensure compliance with RBI's data submission format.
What you must do
Accept ₹2000 notes for deposit/exchange at all branches until Oct 7, 2023, and maintain daily data in the prescribed format.
Stop accepting ₹2000 notes from Oct 8, 2023; direct customers to RBI Issue Offices for any further transactions.
Deposit all collected ₹2000 notes at currency chests on or before Oct 13, 2023.
Display the RBI press release in banking halls and ATM kiosks for customer awareness.
Issue clear instructions to all branches and acknowledge receipt of this circular.
Who it affects
All scheduled commercial banks, Bank branches handling cash deposits and exchanges, Currency chest operators, Customers holding ₹2000 banknotes
❓ Common questions
Can customers still deposit ₹2000 notes after October 7?
After October 7, 2023, banks will not accept ₹2000 notes. However, customers can present them at any of the 19 RBI Issue Offices for credit to their bank accounts or exchange.
Are ₹2000 banknotes still legal tender?
Yes, ₹2000 banknotes continue to be legal tender even after the withdrawal deadline. They remain valid for transactions, though banks will stop accepting them for deposit/exchange after Oct 7.
What data do banks need to submit to RBI?
Banks must maintain daily data on deposit and exchange of ₹2000 notes in the format prescribed in the May 22, 2023 circular and submit it to RBI as before.
📜 Read the original circular — full text as issued by RBI
RBI/2023-24/64
DCM(Plg) No. S-1288/10.27.00/2023-24
September 30, 2023
The Chairman / Managing Director / Chief Executive Officer
All Banks
Madam / Dear Sir,
₹2000 Denomination Banknotes – Withdrawal from Circulation – Review
A reference is invited to our circulars DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023 and DCM(Plg)No.S-239/10.27.00/2023-24 dated May 22, 2023 on the subject.
2. Of the total value of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May 19, 2023, ₹3.42 lakh crore has been received back leaving only ₹0.14 lakh crore in circulation as at the close of business on September 29, 2023; thus, 96% of ₹2000 banknotes in circulation as on May 19, 2023 has since been returned.
3. As the period specified for the withdrawal has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of ₹2000 banknotes until October 07, 2023. A Press Release in the matter has been issued. Banks shall continue to maintain daily data on deposit / exchange of ₹2000 banknotes in the format prescribed vide circular dated May 22, 2023 referred to above and submit the same to RBI.
4. With effect from October 8, 2023, banks shall stop accepting ₹2000 banknotes for credit to accounts or exchange to other denomination banknotes.
5. ₹2000 banknotes shall continue to be allowed to be presented at the 19 Regional Offices of RBI having Issue Departments (RBI Issue offices) for credit to the bank accounts in India or exchange as indicated in the Press Release .
6. All instructions issued under para 3A of our circular DCM(Plg)No.S-236/10.27.00/2023-24 dated May 19, 2023 in the matter shall continue to remain in force. Banks shall also ensure that ₹2000 banknotes collected by their branches till October 07, 2023, are deposited at currency chests on or before October 13, 2023.
7. ₹2000 banknotes shall continue to be legal tender.
8. A copy of the Press Release may also be displayed in the banking hall, ATM kiosks, etc., for information of the customers / public.
9. You are requested to issue suitable instructions to the branches in this regard.
Please acknowledge receipt.
Yours faithfully
(Suman Ray)
Chief General Manager in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/64 · issued 30 Sep 2023. The plain-English explanation above is BankPulse’s own independent summary.
Accept ₹2000 notes for deposit/exchange at all branches until Oct 7, 2023, and maintain daily data in the prescribed format.
Issue clear instructions to all branches and acknowledge receipt of this circular.
📜 Compliance
Stop accepting ₹2000 notes from Oct 8, 2023; direct customers to RBI Issue Offices for any further transactions.
Deposit all collected ₹2000 notes at currency chests on or before Oct 13, 2023.
Display the RBI press release in banking halls and ATM kiosks for customer awareness.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Branch Manager at a bank this circular applies to (All scheduled commercial banks, Bank branches handling cash deposits and exchanges, Currency chest operators, Customers holding ₹2000 banknotes), your first concrete step on “₹2000 Note Withdrawal: Final Extension Till Oct 7, 2023” is: “Accept ₹2000 notes for deposit/exchange at all branches until Oct 7, 2023, and maintain daily data in the prescribed format.” (RBI issued this 30 Sep 2023).
Circular: RBI/2023-24/64 -- ₹2000 Note Withdrawal: Final Extension Till Oct 7, 2023
Issued: 30 Sep 2023
Action required: Accept ₹2000 notes for deposit/exchange at all branches until Oct 7, 2023, and maintain daily data in the prescribed format.
Action required: Stop accepting ₹2000 notes from Oct 8, 2023; direct customers to RBI Issue Offices for any further transactions.
Action required: Deposit all collected ₹2000 notes at currency chests on or before Oct 13, 2023.
Action required: Display the RBI press release in banking halls and ATM kiosks for customer awareness.
Action required: Issue clear instructions to all branches and acknowledge receipt of this circular.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12540&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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