Exchange And Deposit of Rs 2,000 Notes Won

The Rs 2000 banknote was introduced on November 10, 2016.

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Rs 2000 notes were introduced in 2016. (Image: Reuters)
Rs 2000 notes were introduced in 2016. (Image: Reuters)

New Delhi: The Reserve Bank of India (RBI) has announced that the exchange and deposit services for Rs 2000 banknotes will not be available at its regional offices on April 1, citing operations related to the “Annual Closing of Accounts” as the reason for the unavailability.

Rs 2000 Banknotes Still in Circulation

About 2.4 per cent of the just-withdrawn Rs 2000 banknotes are still in circulation, six months after the deadline to deposit or exchange them at bank branches expired. This means that 97.6 per cent of the total value of the high-value Rs 2000 banknotes have been returned to the banking system. The same facility will continue to resume on April 2, 2024.

Last Day for Exchange and Deposit

The last day for the public to avail of exchange or deposit high-value Rs 2000 banknotes at banks was October 7, 2023. As of February 29, 2024, the total value of Rs 2000 banknotes in circulation had declined to Rs 8,470 crore from the initial Rs 3.56 lakh crore on May 19, 2023.

Exchange and Deposit Services Still Available at RBI Issue Offices

The window for depositing and exchanging the Rs 2000 banknotes continues to be available at the 19 issue offices of the RBI, located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

Members of the public from within the country can send Rs 2000 banknotes through India Post from any post office in the country to any of the RBI Issue Offices for credit to their bank accounts in India.

Introduction of Rs 2000 Banknotes

The Rs 2000 banknote was introduced on November 10, 2016, under Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, to meet the urgent currency requirements of the Indian economy following the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation (at that time). This move was aimed at expeditiously fulfilling the currency needs of the economy post the demonetization of the higher denomination notes.

The Rs 2000 banknotes were issued with the objective of providing high-value currency notes to facilitate transactions and meet the immediate cash demand in the economy. However, as per the RBI’s “Clean Note Policy,” which aims to ensure good-quality currency notes with enhanced security features, the Rs 2000 banknotes have been gradually withdrawn from circulation due to factors such as the notes nearing the end of their useful life and a shift in public preference away from these denominations for transactions.

Rs 200 Will Remain Legal Tender

The Rs 2000 banknote continues to be legal tender, despite the withdrawal of these banknotes from circulation, they remain valid for transactions, allowing individuals to deposit or exchange them at designated RBI Issue Offices or through India Post services. The RBI has emphasized the ongoing legal status of the Rs 2000 banknotes, ensuring that the public can still utilize them within the existing framework of currency circulation.

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