Since the RBI’s initial announcement in May 2023 regarding the phased withdrawal of ₹2000 banknotes, the total value of these notes in circulation has decreased sharply, down from ₹3.56 lakh crore at that time.
The facility for deposit or exchange of ₹2000 banknotes was available at all bank branches until 7th October 2023, after which it transitioned exclusively to 19 RBI Issue Offices.
Since 9th October, these offices have also been accepting ₹2000 banknotes from individuals and entities for direct deposit into bank accounts.
Additionally, the public may send ₹2000 notes through India Post to any of the RBI Issue Offices for deposit.
The RBI’s 19 Issue Offices facilitating this process are spread across major cities, including Mumbai, New Delhi, Bengaluru, Chennai, and Kolkata. Though largely out of circulation, ₹2000 notes remain legal tender.
These banknotes were initially introduced in November 2016 following demonetisation, intended to address currency needs after the removal of ₹1000 and ₹500 notes.
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