The RBI has clarified that while the withdrawal initiative continues, Rs 2,000 notes will remain valid as legal tender even after October 7th. However, from that date onwards, individuals can exclusively exchange these notes at RBI offices, as they will no longer be accepted for deposit or exchange at regular bank branches.

This extension of the withdrawal deadline provides citizens with additional time to manage and exchange their Rs 2,000 notes before they are no longer accepted at standard bank branches. It's part of the RBI's ongoing efforts to optimize the currency in circulation and promote the use of other denominations.

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