Two years after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes, notes worth Rs 6,266 crore remain in circulation, according to official data. Despite the withdrawal, the Rs 2,000 notes continue to be legal tender.
The RBI had announced the withdrawal of the high-denomination notes on May 19, 2023. At that time, the total value of Rs 2,000 banknotes in circulation stood at Rs 3.56 lakh crore.
As of April 30, 2025, that figure has dropped to Rs 6,266 crore, indicating that 98.24% of the Rs 2,000 notes in circulation at the time of the announcement have been returned.
“Thus, 98.24 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned,” the central bank said.
The facility to deposit or exchange these notes at bank branches was available until October 7, 2023. Since then, individuals can still exchange or deposit them at the 19 designated RBI issue offices.
Additionally, from October 9, 2023, individuals and entities have been able to deposit Rs 2,000 notes into their bank accounts at these RBI offices. The RBI also allows people to send these notes via India Post from any post office across the country to its issue offices for credit into their bank accounts.
