Rs.2000 Notes worth Rs.6,181 crore still with Public: RBI
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The Reserve Bank of India (RBI) has shared the latest update on the withdrawal of ₹2000 denomination banknotes, revealing that nearly all of them have been returned to the banking system.
Back in May 2023, the RBI announced its decision to withdraw ₹2000 notes from circulation through a press release dated May 19, 2023. This high-value note, which was introduced in 2016 following demonetization, was being gradually phased out. The RBI has since been publishing regular updates on the status of this withdrawal, with the most recent update released on May 2, 2025.
Deposit and Exchange Timelines
Initially, the public was allowed to deposit or exchange ₹2000 notes at any bank branch in the country. This facility was available up until October 7, 2023.
After that, starting October 9, 2023, people could still exchange the notes, but only at the 19 designated Issue Offices of the RBI. Moreover, to make the process easier, the RBI allowed individuals and entities to send ₹2000 notes via India Post from any post office across the country to these Issue Offices. The amount would then be credited directly to their bank accounts.
How Many Notes Are Left?
When the withdrawal was first announced on May 19, 2023, ₹2000 notes worth ₹3.56 lakh crore were in circulation. As of May 31, 2025, that number has dropped drastically to just ₹6,181 crore. This means that 98.26% of the ₹2000 notes have already been returned to the banking system.
Are ₹2000 Notes Still Legal?
Yes. Despite the withdrawal from circulation, the RBI has confirmed that ₹2000 notes remain legal tender. This means they can still be used for transactions, even though they are being actively phased out.
