The Reserve Bank of India (RBI) has reported a significant decline in the circulation of ₹2000 denomination banknotes following its withdrawal announcement on May 19, 2023.
According to the latest figures released by the central bank, 98.18% of these banknotes have been returned, reducing their total value in circulation from ₹3.56 lakh crore to just ₹6,471 crore as of February 28, 2025.
While the ₹2000 banknotes remain legal tender, the facility to deposit or exchange them at bank branches ended on October 7, 2023. Since then, individuals can continue to exchange them at the 19 RBI Issue Offices across the country. Additionally, from October 9, 2023, individuals and entities have been allowed to deposit ₹2000 notes into their bank accounts through RBI Issue Offices.
To further facilitate the process, the RBI has enabled the public to send ₹2000 banknotes via India Post from any post office within the country to RBI Issue Offices for account credit.
The RBI’s periodic updates on the status of the withdrawal indicate that the exercise has been largely successful in reducing the presence of these high-denomination notes in the financial system. However, with a small fraction still in circulation, the central bank continues to accept them at designated locations while reiterating their validity as legal tender.
For further information, the public is advised to visit the official RBI website or contact designated RBI Issue Offices.
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