In May 2023, the Reserve Bank of India (RBI) announced that ₹2,000 notes would be gradually withdrawn from circulation.
Even after more than two years, around ₹6,000 crore worth of these notes have still not returned to banks.
According to the RBI, 98.37% of ₹2,000 notes issued by October 31, 2025, have been deposited, but many people still hold them at home or in businesses, causing confusion.
The RBI has clarified that ₹2,000 notes are still valid legal tender, meaning they haven’t expired.
However, most banks and shops do not accept them for everyday transactions.
Printing of these notes stopped after the 2018-19 financial year, as they were rarely used in daily life.
This is part of the RBI’s Clean Note Policy, aimed at removing old and less commonly used notes from the system.
Where and How to Exchange ₹2,000 Notes
Exchanging ₹2,000 notes at commercial banks was discontinued after October 7, 2023.
Now, the notes can only be exchanged or deposited at 19 RBI issue offices across India.
Some of the major cities with RBI offices include:
Ahmedabad, Bengaluru, Hyderabad, Jaipur, Kanpur, Lucknow
Kolkata, Mumbai, Patna, New Delhi, Chennai
To exchange the notes, individuals must visit the RBI office in person and fill out the prescribed form.
Identity proof such as an Aadhar card and bank account details are required so the amount can be directly deposited into the account.
RBI Appeals to the Public
Many people are hesitant to deposit their ₹2,000 notes, fearing they might lose their value.
To clarify, the RBI has reiterated that these notes are completely valid.
The bank has urged people not to follow rumours and to visit the nearest RBI office to deposit any remaining ₹2,000 notes.
Following these steps ensures your notes are safely deposited and helps you avoid last-minute issues as the withdrawal process continues.