27/09/2023
While the RBI hasn't explicitly stated that Rs 2,000 notes will cease to be legal tender after the deadline, it's clear that the central bank intends to withdraw these notes from circulation as soon as possible.
So, what happens after September 30?
When announcing the withdrawal, the RBI mentioned that it would determine the future status of Rs 2,000 notes based on the quantity returned to/deposited in banks.
As of September 1, the RBI reported, "The total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023."
Furthermore, the RBI noted that as of August 31, 2023, only Rs 0.24 lakh crore worth Rs 2,000 banknotes were circulated. This indicates that 93 per cent of the Rs 2,000 notes in circulation as of May 19, 2023, have been returned to banks through exchange or account deposits.