₹2000 Note: Can the ₹2000 note still be exchanged? Is it still legal or not? The Reserve Bank of India (RBI) began withdrawing ₹2000 notes from circulation two years ago. Now, many are wondering if these notes can still be exchanged.
Even after this time, around ₹6,099 crore worth of ₹2000 notes are still in circulation. Although they have been removed from everyday use, the ₹2000 note is still considered legal tender.
On 19 May 2023, RBI announced the withdrawal of ₹2000 notes from circulation. After that, these notes could be deposited or exchanged at all bank branches until 7 October 2023.
Now, this facility is available only at the 19 issue offices of the Reserve Bank of India. These notes can also be exchanged through post offices.
What RBI Said About ₹2000 Notes
Reserve Bank of India (RBI) Governor Sanjay Malhotra recently briefed the Parliament’s Standing Finance Committee about the current state of India’s economy and financial system.
The topic of ₹2000 notes was an important point of discussion. Governor Malhotra clarified that while ₹2000 notes are no longer widely used, they are still legally valid. RBI has not declared them invalid.
According to RBI, India’s economy remains strong and stable despite global challenges. Committee Chairman Bhartruhari Mahtab called the meeting very productive and said many important topics were covered.
Counterfeit Note Concerns Also Raised
During the meeting, the issue of counterfeit currency was also brought up. One member mentioned that a large number of fake ₹500 notes have been caught recently.
The RBI Governor acknowledged this concern and said that both the government and RBI are keeping a close watch on the situation and are taking necessary action to control the problem of fake notes.
Discussion on Cryptocurrency
Questions related to cryptocurrency were also raised. The Governor shared brief information about the rules and current status of cryptocurrencies in India.
At the end of the meeting, the committee decided to call the Governor again on 23 or 24 July to specifically discuss the review of the Insolvency and Bankruptcy Code (IBC).
