The last date to exchange Rs 2,000 notes at banks has been extended till October 7, the Reserve Bank of India (RBI) said in a statement today. The RBI said the Rs 2,000 note will remain valid even after the deadline to exchange ends.
The Reserve Bank of India (RBI) has given Indians until the end of September to return approximately $3 billion worth of now-withdrawn Rs 2000 notes. The notes were introduced in 2016 to meet currency requirements but were not widely used for transactions. As of August 31, 93% of the withdrawn notes had been returned to banks, leaving about 7% still with the public. After September 30, the notes will remain legal tender but will not be accepted for transactions and can only be exchanged with the RBI.
A man who runs an optical shop in Panchkula says private banks are asking for identification documents and signatures on various forms before accepting Rs 2,000 notes.
The SBI chairman said that the bank has identified few high-value stressed accounts that will be transferred to the National Asset Reconstruction Company Ltd (NARCL) this financial year.