Are ₹2000 Notes Still Valid? RBI Says ₹6,181 Crore Still with Public — But Can You Exchange Them at Banks?
Despite the passage of nearly two years, the RBI has clarified that these notes remain legal tender and can still be used for transactions.
New Delhi: Although the Reserve Bank of India (RBI) announced the withdrawal of ₹2000 currency notes on May 19, 2023, a substantial ₹6,181 crore worth of these notes remain in the hands of the public, the central bank said in a statement on Monday. Despite the passage of nearly two years, the RBI has clarified that these notes remain legal tender and can still be used for transactions.
Table of Contents
From ₹3.56 Lakh Crore to ₹6,181 Crore
When the withdrawal was announced in 2023, ₹3.56 lakh crore worth of ₹2000 notes were in circulation. By May 31, 2025, this figure has drastically reduced by over 98%, showing that the vast majority of the notes have been returned to the banking system. However, around ₹6,000 crore worth of notes are still with the public.
Also Read: Consumer Alert: New Financial Regulations Enforced from June 1st
Bank Exchange Closed, But RBI Still Accepting Notes
The option to deposit or exchange ₹2000 notes at regular bank branches ended on October 7, 2023. Since then, the RBI has continued to accept these notes through 19 designated regional offices across the country.
Post Office Option Available
To facilitate the return of remaining notes, the RBI introduced a convenient facility from October 9, 2023, allowing people to send ₹2000 notes via India Post to RBI offices. Once received, the equivalent amount is credited directly to their bank accounts. This service is available to both individuals and businesses.
Why Were ₹2000 Notes Withdrawn?
The RBI said the withdrawal of the ₹2000 note was intended to enhance transparency in the financial system and reduce high-denomination cash in circulation, aligning with broader goals of monetary regulation and anti-black money efforts.
Why Haven’t People Returned the Notes?
Experts say the remaining notes may be forgotten, undisclosed, or simply kept for personal reasons. However, the RBI is still giving the public a chance to exchange them and has encouraged everyone to utilize the ongoing facility to deposit their remaining notes.
Final Reminder to the Public
The RBI has reiterated that ₹2000 notes are still valid and advised holders to exchange them at the earliest through the available channels, especially via India Post to RBI offices, to avoid any future inconvenience.
