An India Rupee note is seen in this illustration photo. Reuters

The Reserve Bank of India (RBI) on Saturday extended the deadline for the public to exchange or deposit Rs2,000 currency notes at bank branches till October 7.

The earlier deadline for returning Rs2,000 notes was scheduled to expire on September 30.

"As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of Rs2,000 banknotes until October 7, 2023," the RBI said in a press statement.

Subsequently, the public can deposit or exchange Rs2,000 banknotes at bank branches till October 7, the RBI said.

The central bank said Rs2,000 banknotes will continue to be legal tender.

With effect from October 8, the deposit or exchange of Rs2,000 notes at bank branches will be stopped. However, Rs2,000 notes will continue to be legal tender even after October 7, but can be exchanged only at RBI offices, the central bank said.

According to RBI's statement, customers can continue to exchange these notes at the 19 RBI issue offices up to a limit of Rs20,000 at a time — even after October 7.

The Reserve Bank of India issues list of offices for credit to their bank accounts in India.

Also, individuals and entities can tender Rs2,000 banknotes at the 19 RBI issue offices for credit to their bank accounts in India for any amount, the RBI added.

Customers from within the country can also send Rs2,000 banknotes through India Post, addressed to any of the 19 RBI issue offices for credit to their bank accounts in India.

"Such exchange or credit shall be subject to relevant RBI / government regulations, submission of valid identity documents and due diligence as deemed fit by RBI," the RBI said. The facility for deposit or exchange of Rs2,000 banknotes at the 19 RBI Issue Offices shall be available until further advice,'' the RBI statement added.

Indo-Asian News Service