₹2000 Notes Still in Circulation: RBI Explains How and Where You Can Exchange or Deposit Them

Rupees 2000 Note Update (2 September 2025): Even two years after the Reserve Bank of India (RBI) announced the withdrawal of ₹2000 denomination notes from circulation, a significant number of these high-value notes are still lying with the public. According to RBI data, notes worth around ₹5,956 crore remain unreturned, highlighting that many individuals and institutions have not yet deposited or exchanged them.

When the withdrawal was first announced on 19 May 2023, ₹2000 notes worth nearly ₹3.56 lakh crore were in circulation. Since then, about 98.33% of the notes have been returned to the banking system, while the remaining portion continues to be held outside banks.

Are ₹2000 Notes Still Valid?

Yes. The RBI has clarified that the ₹2000 note remains legal tender. This means the note is not invalid, and people can still use it for transactions. Introduced in November 2016 following the demonetisation of ₹500 and ₹1000 notes, the ₹2000 note was primarily aimed at meeting immediate cash requirements. Over time, RBI gradually reduced its printing, eventually announcing its withdrawal.

Where Can You Deposit or Exchange ₹2000 Notes?

Currently, citizens have multiple options to exchange or deposit their ₹2000 notes:

RBI Issue Offices:
The RBI has 19 designated issue offices across India where individuals can directly deposit ₹2000 notes into their bank accounts.

Commercial Banks:
Since 9 October 2023, both individuals and institutions have been allowed to deposit these notes into their bank accounts through regular banking channels.

Postal Services:
For those unable to visit RBI offices or banks, the India Post network provides an alternative. People can send ₹2000 notes to any RBI issue office via registered post and request the equivalent amount to be credited to their bank account.

List of RBI Offices Accepting ₹2000 Notes

Depositors can approach the following 19 RBI offices to deposit their ₹2000 notes:

• Ahmedabad

• Bengaluru

• Belapur

• Bhopal

• Bhubaneswar

• Chandigarh

• Chennai

• Guwahati

• Hyderabad

• Jaipur

• Jammu

• Kanpur

• Kolkata

• Lucknow

• Mumbai

• Nagpur

• New Delhi

• Patna

• Thiruvananthapuram

Why Are People Still Holding on to ₹2000 Notes?

Experts suggest several reasons:

• Lack of awareness in rural areas and smaller towns.

• Sentimental holding by individuals as memorabilia.

• Delays in accessibility, where people living far from RBI offices or banks may have found it inconvenient.

• Cash hoarding by some individuals or businesses for unreported transactions.

What Should You Do if You Still Have ₹2000 Notes?

If you still possess these notes, RBI advises depositing them into your bank account at the earliest. While they remain valid currency, their gradual withdrawal means fewer people are accepting them in daily transactions. Using the RBI offices or postal services ensures a smooth deposit process.

Bottom Line

The ₹2000 note was introduced as a quick-fix measure post-demonetisation but is now being phased out systematically. With more than 98% of these notes already returned, the remaining amount is small but still significant in absolute terms. If you are among those still holding on to them, it’s best to deposit or exchange your notes through official RBI channels or India Post without delay.