If you still have a Rs 2,000 banknote at home, you can still deposit or exchange it, even though it was withdrawn from circulation nearly three years ago. The Reserve Bank of India (RBI) has said that Rs 2,000 banknotes continue to be legal tender, which means they remain valid for payments. However, they are no longer available through regular banking channels.
The RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023, as part of its currency management exercise. The note was introduced in November 2016 after the government scrapped the old Rs 500 and Rs 1,000 notes during demonetisation to quickly restore cash in the economy. As the supply of other denominations increased over the years, the RBI decided to withdraw the Rs 2,000 note, saying it had largely served the purpose for which it was introduced.
The facility to deposit or exchange Rs 2,000 banknotes at all bank branches was available until October 7, 2023. Since then, these services have been available only through the RBI.
People can exchange Rs 2,000 banknotes at any of the RBI's 19 Issue Offices. They can also deposit the notes into their bank accounts at these offices.
Another option is to send the banknotes through India Post from any post office in the country to an RBI Issue Office. The amount will then be credited to the sender's bank account.
According to the RBI, the value of Rs 2,000 banknotes still in circulation has fallen sharply. It stood at Rs 3.56 lakh crore when the withdrawal was announced in May 2023. By April 30, 2026, this had dropped to Rs 5,451 crore.
The central bank said 98.47 per cent of the Rs 2,000 banknotes that were in circulation when the withdrawal was announced have now been returned.
The RBI has reiterated that Rs 2,000 banknotes remain legal tender, and people who still have them can continue to deposit or exchange them through its Issue Offices.
