RBI: ₹2,000 Notes No Longer Circulating, But Still Valid
RBI Governor Sanjay Malhotra informed Parliament’s Finance Committee that ₹2,000 notes are no longer being issued or found in everyday transactions, but remain fully legal tender. The notes were officially withdrawn from circulation in May 2023.
Why They Still Count
Despite being phased out, approximately ₹6,100 crore worth of ₹2,000 notes remain with the public as of early July 2025. These can still be used for payments or deposited, though banks no longer exchange them—only designated RBI offices accept them.
Guidelines for Depositing or Exchanging
The RBI allows holders to deposit or exchange these notes using proper ID. Since October 2023, deposits are accepted only at 19 RBI Issue Offices across India. Additionally, India Post facilitates deposits via mail to RBI offices, with the amount credited to bank accounts.
What This Means for Holders
- If you have ₹2,000 notes, you can still use them or get them deposited—just not at regular bank branches.
- These notes retain value and cannot be invalidated unless a fresh demonetisation is announced.
- Even though printing stopped in 2019, the notes maintain their status as currency until officially revoked.
Broader Monetary Strategy
The RBI’s move reflects a broader plan to manage cash usage efficiently and boost digital payments. With printing of ₹2, ₹5, and ₹2,000 notes halted to promote lower denominations and digital currency, this change aligns with India’s move towards a more sustainable currency system.
