The Reserve Bank of India (RBI) announced on Tuesday that 98.21 per cent of the Rs 2,000 denomination banknotes that were in circulation have now been returned to the banking system. This means that only Rs 6,366 crore worth of these notes remain with the public.
The RBI had previously declared the withdrawal of Rs 2,000 notes from circulation on May 19, 2023, marking the beginning of a phased process to phase out these high-value currency notes. At the time of the announcement, the total value of Rs 2,000 notes in circulation stood at Rs 3.56 lakh crore.
As of March 31, 2025, this amount has significantly reduced to just Rs 6,366 crore, indicating a remarkable return rate. “Thus, 98.21 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a statement.
The central bank’s move to withdraw these notes was part of its broader currency management strategy.
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Deposit Or Exchange Rs 2,000
The facility to deposit and/or exchange Rs 2,000 banknotes was available at all bank branches until October 7, 2023. However, even after this deadline, the option to deposit or exchange these notes remains open at the 19 issue offices of the Reserve Bank of India (RBI) across the country.
Starting from October 9, 2023, the RBI’s issue offices began accepting Rs 2,000 banknotes from both individuals and entities, allowing them to deposit these notes directly into their bank accounts. This move was aimed at providing greater convenience to the public, especially for those who may have missed the earlier deadline.
Additionally, the public can utilize the services of India Post to send Rs 2,000 banknotes from any post office within the country to any of the RBI-issued offices. This enables individuals to have their notes credited to their bank accounts without the need to visit RBI offices in person.
It is important to note that despite the withdrawal of Rs 2,000 notes from regular circulation, these notes continue to be legal tender. This means they can still be used for transactions until further notice.
