In a statement issued on Saturday, the central bank provided an update on the status of ₹2,000 notes, which were withdrawn from circulation on May 19, 2023. At the time of the announcement, the total value of these high-denomination notes in circulation stood at ₹3.56 lakh crore. As of February 28, 2025, this figure has sharply declined to ₹6,471 crore.
“Thus, 98.18% of the ₹2,000 banknotes in circulation as on May 19, 2023, has since been returned,” RBI stated.
The facility to deposit or exchange the ₹2,000 notes at bank branches was available until October 7, 2023. However, individuals who still hold these banknotes can deposit them at the 19-issue offices of the Reserve Bank.
From October 9, 2023, RBI issue offices have been accepting
₹2,000 notes for deposit into bank accounts, not only from individuals but also from entities, the statement further mentioned.
Additionally, the RBI has facilitated the process by allowing the public to send their ₹2,000 banknotes via India Post from any post office in the country to an RBI issue office for direct credit to their bank accounts.
Despite their withdrawal from circulation, the ₹2,000 banknotes continue to remain legal tender, the apex bank clarified.
The withdrawal of ₹2,000 notes was a part of the RBI’s clean note policy, which aims to maintain the quality of banknotes in circulation. the move was also seen as a step towards reducing the prevalence of high-value currency, given that lower-denomination notes have become more widely available.
The RBI had initially introduced ₹2,000 in 2016 following the demonetisation of ₹500 and ₹1,000 notes. However, no fresh printing of these notes had taken place since 2018-19, and their share in total currency circulation had been declining even before their withdrawal was officially announced.
The central bank has reiterated that people who still hold ₹2,000 notes should deposit them at the earliest using the available options.
