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
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.