Are Rs 2,000 Bank Notes Still Valid? Here's RBI's Confirmation!

In recent updates from the Reserve Bank of India ( RBI ), the status of the much-talked-about Rs 2000 banknotes has come to light. As of May 19, 2023, a whopping 97.26% of the Rs 2000 banknotes in circulation have made their way back.

The RBI's recent announcement sheds light on the diminishing presence of these notes. According to their statement, "The total value of ₹2000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2000 banknotes was announced, has declined to ₹9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned."

However, despite this significant return rate, the RBI reaffirmed that the Rs 2000 banknotes continue to retain their status as legal tender.

This move follows the RBI's initial declaration on May 19, 2023, announcing the withdrawal of the Rs 2000 denomination banknotes from circulation. Since then, updates on the withdrawal status have been periodically disclosed by the RBI.

Initially, the option for depositing or exchanging these notes was open at all bank branches across the country until September 30, 2023. This deadline was subsequently extended to October 07, 2023, giving individuals more time to make the exchanges.

Moreover, the exchange of the Rs 2000 banknotes was facilitated not only at bank branches but also at the 19 Issue Offices of the Reserve Bank ( RBI Issue Offices ) starting from May 19, 2023.

The RBI's recent update highlights the expanded scope for dealing with these banknotes. "From October 09, 2023, RBI Issue Offices, in addition to exchanging ₹2000 denomination banknotes across the counters, are also accepting ₹2000 banknotes from individuals / entities for deposit to their bank accounts. Further, members of the public from within the country can send ₹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," the RBI clarified.