The Reserve Bank of India (RBI) has announced an extension of the special initiative to phase out Rs 2,000 banknotes from circulation. The new deadline for the withdrawal of these notes is October 7, granting an additional week for the process.

In a statement released on the final day of the initial withdrawal period, the RBI revealed that the public has returned Rs 3.42 lakh crore worth of Rs 2,000 notes since May 19. These notes were either deposited or exchanged at bank branches up until September 29. This substantial amount represents 96 per cent of the outstanding currency in circulation as of May 19 this year.