New Delhi: Despite the Reserve Bank of India’s decision to withdraw ₹2000 denomination banknotes from circulation in May 2023, notes worth ₹5,884 crore are still in circulation, according to the latest official data released by the RBI on Wednesday.
The central bank revealed that the total value of ₹2000 banknotes in circulation has dropped sharply from ₹3.56 lakh crore (as of May 19, 2023) to ₹5,884 crore as of September 30, 2025.
Over 98% of ₹2000 Notes Returned to the System
The RBI noted that 98.35% of the ₹2000 banknotes that were in circulation at the time of the withdrawal announcement have already been returned. The note continues to be legal tender, although it is no longer being printed or actively circulated.
The decision to phase out the ₹2000 note was officially announced on May 19, 2023, with the central bank citing a shift towards cleaner note practices and the fulfillment of the note’s original objective of quickly injecting liquidity after demonetisation in 2016.
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Multiple Options Still Available for Exchange or Deposit
To facilitate the return of the remaining notes, the RBI has continued to offer multiple exchange and deposit options:
- 19 designated RBI issue offices across the country have been accepting ₹2000 notes since May 19, 2023.
- Since October 9, 2023, these offices have also allowed individuals and entities to deposit ₹2000 notes directly into their bank accounts.
- Citizens can also send ₹2000 notes via India Post from any post office to any of the RBI’s issue offices for credit into their bank accounts.
RBI Issue Offices Accepting ₹2000 Notes
The RBI issue offices are located in:
Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
Background on the ₹2000 Note Withdrawal
The ₹2000 note was introduced in November 2016 as part of the government’s initiative to remonetise the economy following the demonetisation of ₹500 and ₹1000 notes. Over time, the RBI reduced the printing of ₹2000 notes and eventually decided to phase them out, stating that lower denomination notes were sufficient to meet currency requirements.
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