The Reserve Bank of India (RBI) is expected to extend the deadline for returning ₹2000 notes from September 30th to the end of October. This move aims to accommodate non-resident Indians and others living abroad. On May 19, RBI withdrew ₹2000 notes from circulation, providing approximately four months for their deposit or exchange.
As of September 2, 93% of the notes have been returned to banks, with 87% in deposits and the remaining 13% exchanged for other denominations. However, there is still about ₹240 billion (approximately $2.9 billion) worth of these notes in circulation, accounting for 7% of the total. This extension offers additional time for individuals to handle their ₹2000 notes.