Exchange ₹2000 Notes Soon, Says RBI – Crores Still in Circulation

The Reserve Bank of India (RBI) recently stated that a significant number of ₹2000 denomination notes are still in circulation, despite their withdrawal being announced nearly two years ago. According to data released by the RBI on Friday, as of April 30, 2025, ₹6,266 crore worth of ₹2000 notes remain with the public.

Most Notes Returned, But Crores Still Left

When the ₹2000 notes were declared out of circulation in May 2023, the total value in circulation was around ₹3.56 lakh crore. Since then, 98.24% of these notes have been returned. However, around 1.76% (₹6,266 crore) are still unaccounted for — indicating that people may be hoarding them or unaware of the withdrawal.

Still Legal Tender, But Not Depositable at Banks

It’s important to note that ₹2000 notes are still considered legal tender, meaning they can legally be used for transactions. However, commercial banks no longer accept deposits or exchanges of these notes, as this facility ended on October 7, 2023.

Where Can You Still Deposit These Notes?

You can still deposit ₹2000 notes at any of the 19 regional RBI offices. To do this, you'll need:

• A valid identity proof

• Your bank account details

Alternatively, if you don’t live near an RBI office, you can send the notes via Indian Post. Pack the notes securely along with the required documents, and send them to an RBI issuance office. The amount will be credited directly to your bank account.

Why Are People Still Holding Them?

There are various reasons why people might still be holding onto these notes:

• Lack of awareness

• Hesitation in spending them due to non-acceptance by vendors

• Intentional hoarding for future use

What Should You Do?

If you still have ₹2000 notes, it's strongly advised to deposit them as soon as possible. While the RBI continues to allow deposits at its offices, this may not be the case forever. Delays could result in difficulties using or exchanging them in the future.