Is Rs 2000 Banknote Still A Legal Tender? RBI Governor Issues Clarification

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New Delhi: RBI Governor Sanjay Malhotra has cleared the air on the status of Rs 2000 notes. Speaking to the Parliamentary Standing Committee on Finance, he confirmed that although these high-value notes are no longer in circulation. He also mentioned that they are still considered legal tender. His remarks came during a briefing on the current state of India’s economic growth.

According to sources quoted by news agency ANI, several MPs raised questions about the status of RS 2,000 notes during the meeting. In response, it was clarified that the RBI has not declared them invalid and they still hold their value.

The topic of fake currency also came up during the meeting with one committee member pointing out that although several counterfeit Rs 500 notes were recently seized. The number is still small compared to the total in circulation. RBI Governor Malhotra acknowledged the concern and assured that both the RBI and the government are taking active steps to tackle the issue and prevent the spread of counterfeit notes.

The RBI governor in response has assured that the central bank along with the government is fully committed to fighting counterfeit currency and is constantly working on measures to keep such activities in check.

Over Rs 6,000 Crore in Rs 2,000 Notes Still Out There

Despite being withdrawn over a year ago, Rs 2,000 notes worth Rs 6,099 crore are still in circulation, as per media report. The RBI had announced the withdrawal on May 19, 2023 and has been regularly updating the public on the number of notes returned since then. These high-value notes were first introduced in November 2016 after the demonetisation of Rs 500 and Rs 1,000 notes.

Can you still exchange Rs 2000 notes?

Yes, you can still exchange Rs 2,000 notes at select RBI offices located in cities like Ahmedabad, Bengaluru, Mumbai, Delhi, Chennai, Hyderabad, and several others. In total, 19 RBI Issue Offices across the country are accepting these notes. People can send Rs 2,000 notes through any post office using India Post services to an RBI Issue Office and the amount will be credited directly to their bank account.