Reserve Bank of India (RBI) data shows that 462 lakh banknotes of Rs 2,000 denomination (valued at approximately Rs 9,237 crore) are yet to be deposited or exchanged with the bank. On May 19, 2023, RBI announced the withdrawal of Rs 2,000 denomination notes from circulation under a ‘clean note policy’. Although the notes were introduced in 2016, they were mostly issued in 2017. According to the RBI, these notes have a life span of 4-5 years, and, thus, it decided to withdraw them in 2023, considering their use in regular transactions, availability of other denominations to fulfill cash requirements, etc. Therefore it is possible for the people having Rs 2000 Notes In Your Possession to exchange it.

RBI had extended the deadlines to give the public sufficient time to exchange notes at their banks. On May 19, 2023, there were Rs 3.56 lakh crore worth of these banknotes in circulation, and 97.38 per cent of them were returned to the banks as of December 29, 2023, and Rs 9,330 crore worth of banknotes remained in circulation, which further reduced to Rs 9,237 crore by January 5, 2024. However, note that these banknotes are still legal tender and can be exchanged for full value. Though announced out of circulation, RBI has kept its window open for depositing or exchanging these notes at its 19 regional offices across India.

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How To Exchange The Rs 2,000 Notes? 

Visit RBI Offices: Anyone who still has Rs 2000 Notes In Your Possession can get the full value by either depositing or exchanging it for other denominations at any of the RBI’s 19 regional offices in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

Send The Notes To RBI’s Offices Through India Post: If you are in a different city and cannot visit the RBI regional office, you may send the notes to any of these offices through India Post from any post office in the country.

What Are The Documents Required? 

According to the RBI, ‘such credit shall be subject to relevant RBI/ government regulations, submission of valid identity documents and due diligence as deemed fit by RBI.’ So, submit your valid Know Your Customer (KYC) documents, including identity and address proof (Aadhaar, PAN, etc.) and bank account details to complete the process. 

If sending through the post, follow the postal department’s procedure, providing all necessary documents and bank details. 

Things To Note: 

• Though the last date to deposit the currency note with the banks is over, there is no final date to deposit or exchange them at RBI. 
• Any individual or entity can deposit a maximum of Rs 20,000 at a time with the RBI.