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The finance ministry has said there is no proposal to extend the deadline for the exchange of Rs 2,000 notes beyond September 30, 2023. Minister of State for Finance Pankaj Chaudhary has said at present, this matter is not under consideration. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of Rs 2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. According to the RBI, as much as 76 per cent of the Rs 2,000 currency notes in circulation have either been deposited or exchanged at banks.

In value terms, Rs 2,000 notes in circulation have come down to Rs 84,000 crore as on June 30 from Rs 3.56 lakh crore on the day of the announcement of withdrawal on May 19. RBI said 87 per cent of the notes returned have been deposited in bank accounts by public while the remaining 13 per cent were exchanged by them in other denominations.

Further, the minister said that according to RBI, the withdrawal was a currency management operation planned to avoid any inconvenience to public or any disruption in the economy. Withdrawal of Rs 2000 banknotes has been factored in, in the current year's requirement and sufficient buffer stock of banknotes in other denominations is being maintained across the country to meet exchange / withdrawal requirements.