Around Rs 6,970 crore worth of Rs 2,000 notes remain to be returned to the Reserve Bank of India, almost a year and a half after the central bank officially withdrew this high-denomination currency from circulation. The data from RBI shows that this remaining unreturned currency accounts for only 1.96 per cent of the total Rs 3.96 lakh crore worth of Rs 2,000 notes in circulation as of May 2023. Conversely, 98.04 per cent of these notes have already made their way back to the RBI vault.
For those who still have Rs 2,000 currency notes tucked away, the question remains, can they still exchange them? Here’s what you should know:
Why did RBI roll back Rs 2,000 banknote?
The denomination of this currency was announced in November 2016. At that time, the government had pulled Rs 500 and Rs 1,000 banknotes from circulation, causing a massive void in the currency supply. To address this, the Rs 2,000 note was hurriedly issued as a stop-gap to meet the country’s needs. However, by the year 2018-19, with other denominations available in abundance, the RBI had stopped printing Rs 2,000 notes. This marked the beginning of its gradual fade-out from circulation.
About 89 per cent of the Rs 2,000 denomination banknotes were issued before March 2017 and are currently at the limit of their estimated life span, which is 4-5 years. The value of this denomination has seen a steady decline, dropping from Rs 6.73 lakh core in March 2018 to Rs 3.62 lakh crore by March 2023.
How Can You Exchange Rs 2,000 Banknotes?
If you are still holding onto Rs 2,000 banknotes, the RBI provides a way to exchange them at its regional office: This is how you can exchange the notes:
1. You can go to your regional RBI office (for instance the one in Delhi) with your Rs 2,000 note. As necessary documents for identification and verification, carry your Aadhar card and a photocopy. If you are exchanging more than Rs 50,000, a PAN card with its photocopy is required.
2. Once you’re at the RBI office, present your identification at the entry gate. There, an official will give you a form and they will also note down the number Rs 2,000 note you are looking to exchange.
3. After this, you will need to leave bags or laptops at the gate where you will be issued a token for retrieval after your visit.
4. Ask someone to guide you to the room/floor where you will complete the remaining sections of the form and have it stamped by an RBI official.
5. After the form is completely filed, signed, and stamped by the concerned person, ask for the window/counter where the exchange will be carried out.
6. Once you reach this counter, hand over the form alongside a copy of your Aadhar card and currency notes. The official will hand over to you the equivalent amount of currency in return.
If you are still holding onto a small stack of Rs 2,000 notes or just have a few lying around, it is worth the trip to the RBI to exchange them while you still can.
