Mumbai: As the pink ₹2000 note inches towards oblivion, millions of Indians holding onto these remnants of the 2016 demonetisation era face a stark reality: exchange them soon, or watch your hard-earned money turn into worthless paper.
The ₹2000 bill was introduced amid the chaos of demonetisation to swiftly restore cash flow after the scrapping of ₹500 and ₹1000 notes, serving as a lifeline back then. But nearly a decade on, its story is fading fast. The Reserve Bank of India (RBI), under its Clean Note Policy, kicked off the withdrawal in May 2023. Recent data reveals a whopping 98% of these notes have returned to banks, leaving just ₹5,669 crore in public hands.
While legally valid as tender until the end of 2026, experts warn that practical use is already a myth. “Shopkeepers won’t touch them, and everyday transactions shun them,” says Supreme Court advocate B Shravan Shankar. Since October 7, 2023, regular banks have shut their doors to exchanges or deposits, forcing holders to seek refuge at one of RBI’s 19 regional offices in cities like Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad, Lucknow, and Bhubaneswar.
For those far from these hubs, India Post offers a postal route to RBI’s special desks. But delay at your peril – as 2026 nears, queues could swell, and acceptance might plummet. “Don’t let nostalgia cost you,” Shankar advises. With circulation dwindling, the present is your cue to bid adieu to the pink powerhouse before it’s too late.