<p>The Reserve Bank of India (RBI) said on Saturday it would extend its deadline to return the country's highest denomination 2,000-rupee currency notes by a week to Oct. 7.</p>.<p>"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" till Oct. 7, the RBI said in a statement.</p>.<p>While the notes cannot be exchanged at banks after the deadline, people can still do so at 19 designated RBI issue offices, the statement said.</p>.RBI extends deadline to exchange Rs 2,000 banknotes to October 7.<p>The RBI said in May it would withdraw the notes, permitting their exchange or deposit until September 30. The currency continues to be a legal tender.</p>.<p>The total value of 2,000-rupee notes in circulation was down to Rs 14,000 crore as of Sept. 29 from Rs 3.56 lakh crore as of May 19, the RBI said.</p>.<p>The RBI said 96 per cent of the Rs 2,000 currency notes had been returned as of Friday, worth Rs 3.42 lakh crore.</p>.<p>The 2,000-rupee notes were introduced in 2016 to replenish currency in circulation after the government's shock move to demonetize the economy by scrapping other high-value banknotes.</p>.<p>However, the central bank has frequently said that it wants to reduce high-value notes in circulation and stopped printing 2,000-rupee notes four years ago.</p>
<p>The Reserve Bank of India (RBI) said on Saturday it would extend its deadline to return the country's highest denomination 2,000-rupee currency notes by a week to Oct. 7.</p>.<p>"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" till Oct. 7, the RBI said in a statement.</p>.<p>While the notes cannot be exchanged at banks after the deadline, people can still do so at 19 designated RBI issue offices, the statement said.</p>.RBI extends deadline to exchange Rs 2,000 banknotes to October 7.<p>The RBI said in May it would withdraw the notes, permitting their exchange or deposit until September 30. The currency continues to be a legal tender.</p>.<p>The total value of 2,000-rupee notes in circulation was down to Rs 14,000 crore as of Sept. 29 from Rs 3.56 lakh crore as of May 19, the RBI said.</p>.<p>The RBI said 96 per cent of the Rs 2,000 currency notes had been returned as of Friday, worth Rs 3.42 lakh crore.</p>.<p>The 2,000-rupee notes were introduced in 2016 to replenish currency in circulation after the government's shock move to demonetize the economy by scrapping other high-value banknotes.</p>.<p>However, the central bank has frequently said that it wants to reduce high-value notes in circulation and stopped printing 2,000-rupee notes four years ago.</p>