India’s central bank, the Reserve Bank of India (RBI), has extended the deadline for returning the country’s highest value banknotes by one week due to the significant amount that still remains in circulation. The RBI had initially instructed the withdrawal of the 2,000-rupee note on May 19, allowing people until the end of September to exchange or deposit 3.56 trillion rupees ($42.9 billion) at banks nationwide. However, as of Friday, 140 billion rupees ($1.7 billion) worth of these notes were still unaccounted for. The extension aims to give citizens an additional opportunity to return the remaining notes within the revised timeframe.
Despite the previous deadline set by the RBI, there are still substantial amounts of the discontinued 2,000-rupee banknotes that have not been returned. This has led the central bank to grant an extra week for individuals to comply with the directive. With 140 billion rupees still unaccounted for, this move emphasizes the RBI’s determination to tackle the issue of unreturned high-value banknotes. It is crucial for these notes to be returned as they were withdrawn to counter illicit activities such as money laundering and corruption.
The extension of the deadline allows people who still possess the 2,000-rupee notes to have an additional opportunity to exchange or deposit them in banks across the country. Individuals are urged to take advantage of this extension in order to comply with the RBI’s directive. The central bank’s decision to provide more time for the return of these banknotes highlights its commitment to tackling the challenges posed by unaccounted money and ensuring the integrity of the financial system. It remains to be seen how many individuals will take advantage of this extended deadline and how it will impact the amount of unreturned banknotes.