If you still have a ₹2,000 pink note tucked away in your safe or purse, this news is a stern warning. The Reserve Bank of India (RBI) stated in its latest report for 2026 that more than 98% of the withdrawn notes have been returned to the banking system since the withdrawal process began in May 2023. However, notes worth ₹5,669 crore are still in circulation or in the possession of the public. The biggest relief is that the ₹2,000 note remains legal tender, meaning it retains its official value and is not rendered worthless.
Is the ₹2,000 note now illegal
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The biggest confusion among the general public is whether this note has now become illegal. The RBI has clarified in its bulletin that the ₹2,000 note is still not illegal. Possessing it is not a crime or offense. However, you cannot make normal purchases with it in the market because banks have stopped accepting it. You will only receive its value if you deposit it under the strict rules set by the RBI. This “legal tender” has been maintained solely to ensure that no Indian citizen’s money is wasted.
How to Exchange Pink Notes
Note that the facility to exchange notes at any regular bank branch in the country (such as SBI, PNB, or HDFC) has ended on October 7, 2023. Now, you have two simple ways to exchange or deposit notes:
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RBI’s 19 Regional Offices
You can exchange notes or deposit them directly into your account by visiting the RBI’s issue offices. These offices are located in Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram, and Belapur.
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Facility through India Post
If you don’t live in the 19 cities listed above, there’s no need to worry. You can send your ₹2,000 notes directly to the RBI office via Insured Post from any post office. You’ll need to provide your bank account details, and the money will be credited directly to your account at lightning speed.
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KYC and Document Security
When exchanging notes or sending them by post, it’s mandatory to carry certain documents. According to RBI security regulations, you must prove your identity to prevent money laundering. You must have a copy of your Aadhaar card or PAN card. Additionally, if you want the money deposited directly into your account, carry a photocopy of the first page of your bank passbook or a cancelled check.