Rs.2000 Notes worth Rs.6,266 crore still not returned to RBI, Are notes still Valid?
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The Reserve Bank of India (RBI) had announced that the ₹2000 denomination banknotes would be withdrawn from circulation on May 19, 2023, as per its official press release (Press Release 2023-2024/257). Since then, the RBI has been regularly sharing updates on how many of these high-value notes have been returned. The most recent update before this was shared on April 1, 2025.
Where and how could people deposit or exchange ₹2000 notes?
When the withdrawal was announced, people were allowed to deposit or exchange ₹2000 notes at all bank branches across India. This facility was available until October 7, 2023. During this period, the public had a simple way to get rid of their ₹2000 notes by visiting their local bank.
However, after October 7, 2023, the facility to exchange these notes was limited to specific places. Since May 19, 2023, people could continue exchanging their ₹2000 notes at 19 RBI Issue Offices located across India. Then, starting from October 9, 2023, these RBI offices also began accepting ₹2000 notes for deposit directly into bank accounts.
Additionally, the RBI provided an easy option for those who couldn’t visit an RBI office in person. People were allowed to send their ₹2000 notes via India Post from any post office in the country to an RBI Issue Office. The value of the notes would then be credited to their bank accounts.
How many ₹2000 notes have been returned so far?
When the RBI first announced the withdrawal on May 19, 2023, the total value of ₹2000 notes in circulation was a massive ₹3.56 lakh crore. Over time, as people deposited or exchanged these notes, the amount in circulation kept decreasing.
As of April 30, 2025, the value of ₹2000 notes still in circulation has dropped to just ₹6,266 crore. This means that 98.24% of the ₹2000 notes have been returned to the banking system since the withdrawal was announced.
Are ₹2000 notes still valid?
Yes! Even though the RBI has stopped issuing ₹2000 notes and has encouraged people to return them, the ₹2000 banknotes are still considered legal tender. This means they are still valid for transactions and can be used to make payments.
