Want to Exchange or Deposit ₹2000 Notes? Here's What RBI Says
RBI says 98.24% of Rs. 2000 notes already returned, and exchange still allowed via RBI Issue Offices and India Post
Exchange or Deposit – Exchange – Deposit – taxscan
Exchange or Deposit – Exchange – Deposit – taxscan
The Reserve Bank of India, via Press Release dated May 2, 2025, issued an update on the ongoing withdrawal of Rs. 2000 denomination banknotes from circulation, initially announced on May 19, 2023. RBI’s press release outlines the current status of the process and available options for the public to exchange or deposit the notes.
Exchange and Deposit Options Still Open
The facility to exchange or deposit Rs. 2000 notes at bank branches closed on October 7, 2023, but the RBI confirmed that individuals can still:
- Exchange Rs. 2000 notes at any of the 19 RBI Issue Offices across India.
- Deposit the notes into their bank accounts through RBI Issue Offices or by sending them via India Post from any post office in the country.
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Where to Exchange or Deposit
The 19 RBI Issue Offices are located in major cities such as:
Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram
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The public can:
- Visit these offices in person, or
- Use India Post to send Rs. 2000 notes along with bank account details for direct credit.
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According to the RBI:
- As of May 19, 2023, the total value of Rs. 2000 notes in circulation stood at Rs. 3.56 lakh crore.
- By April 30, 2025, this value had dropped to just Rs. 6,266 crore.
- This means 98.24% of the Rs. 2000 notes originally in circulation have been returned.
Importantly, the Rs. 2000 note continues to be legal tender. The RBI has not demonetised the note; it can still be used for transactions, although acceptance in daily use is diminishing.
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What You Should Do
If you have Rs. 2000 notes:
- Spend them where accepted,
- Or take/send them to RBI Issue Offices for exchange or deposit.
Background
The Rs. 2000 note was introduced in November 2016 by the Reserve Bank of India (RBI), shortly after the government demonetised the old Rs. 500 and Rs. 1000 notes. At that time, the Rs. 2000 note helped quickly remonetise the economy by injecting high-value currency into circulation, but over the years, its use in daily transactions remained very limited.
Most people preferred smaller denominations like Rs. 500 or Rs. 100. In fact, the RBI stopped printing Rs. 2000 notes after 2018-19. With plenty of lower-value notes now in circulation and to promote its clean note policy, which ensures that only actively used and good-quality notes stay in circulation, the RBI announced on May 19, 2023, that Rs. 2000 notes would be withdrawn in a phased, non-disruptive manner. Importantly, the note was not demonetised and continues to remain legal tender.
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