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Mumbai: The Reserve Bank of India (RBI) on Saturday announced that 98.18% of the ₹2000 denomination banknotes have been returned to the banking system, leaving only ₹6,471 crore worth of such notes still with the public.
This update comes after the RBI’s decision on May 19, 2023, to withdraw ₹2000 banknotes from circulation.
Decline in ₹2000 Banknotes Since Withdrawal Announcement
- On May 19, 2023, the total value of ₹2000 banknotes in circulation was ₹3.56 lakh crore.
- By February 28, 2025, this figure had dropped to ₹6,471 crore.
"Thus, 98.18% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned," the RBI stated in its report.
Deposit & Exchange Facilities for ₹2000 Notes
1. Bank Branches (Closed on October 7, 2023)
The general public could deposit or exchange ₹2000 banknotes at all bank branches until October 7, 2023.
2. RBI Issue Offices (Still Available)
- Even after October 7, RBI’s 19 issue offices continue to accept ₹2000 banknotes for deposit into bank accounts.
- Since October 9, 2023, individuals and businesses can visit RBI issue offices to exchange or deposit their ₹2000 notes.
3. Sending ₹2000 Notes via India Post
- People can still send ₹2000 banknotes via India Post to any RBI issue office for deposit into their bank accounts.
- This allows those unable to visit RBI offices in person to complete the process conveniently.
4. ₹2000 Notes Still Legal Tender
- Despite being withdrawn from circulation, ₹2000 notes remain legal tender, meaning they can still be used for transactions.
With 98.18% of ₹2000 notes already returned, only a small portion remains with the public. The RBI’s withdrawal strategy has been largely successful, ensuring a smooth transition without disrupting the financial system.
For those who still possess ₹2000 notes, deposit or exchange facilities remain open at RBI offices and through India Post. However, given the declining circulation, it is advisable to exchange these notes sooner rather than later.
