The Reserve Bank of India (RBI) announced the withdrawal of ₹2000 notes from circulation in May 2023. The main reason for this was the significantly reduced use of these notes in everyday transactions. With the increasing use of smaller denomination notes and digital payments, ₹2000 notes were becoming unnecessary for the system. Therefore, the RBI decided to gradually withdraw them under its Clean Note Policy.
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₹2000 notes are still legal tender
The RBI has clarified several times that ₹2000 notes are still legal tender. This means that their legal validity has not expired. However, practically, most bank branches and retail shops do not accept them in everyday transactions. Therefore, people are advised to deposit them as soon as possible.
How many notes are still in circulation?
According to the latest data from the Reserve Bank, about 98.37 percent of the total ₹2000 notes issued have been returned as of October 31, 2025. Despite this, notes worth approximately ₹6,000 crore are still outside the system. This is why the RBI is continuously appealing to people to deposit the remaining notes.
Where can you deposit or exchange the notes now?
The facility to exchange or deposit ₹2000 notes at commercial bank branches across the country ended on October 7, 2023. Currently, this facility is only available at 19 RBI regional offices. These offices are located in major cities such as Ahmedabad, Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Hyderabad, Patna, Jaipur, Kanpur, and Lucknow. In Uttar Pradesh, the offices in Kanpur and Lucknow are available to the public. Additionally, notes can also be deposited into your bank account by sending them through the post office.
Documents Required for Depositing Notes
According to the RBI circular, individuals depositing notes must provide their Aadhaar card as proof of identity and their bank account details. A form is available at the relevant office, which needs to be filled out and submitted along with the notes and ID proof. This ensures that the amount is credited to the correct account.
Advice to Avoid Confusion
Many people are still confused about the ₹2000 notes. Some believe that the notes might become worthless or lose their value due to the delay, but this is not the case at all. The RBI has clearly stated that the value of the notes is completely secure, and people can deposit them without any worries through the prescribed process.
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History of ₹2000 Notes
The ₹2000 notes were issued in November 2016 under Section 24(1) of the Reserve Bank of India Act, 1934. They were introduced to meet the country’s cash requirements after demonetization. However, their printing was stopped after 2018-19 because their usage was lower than expected.