Mumbai: The Reserve Bank of India on Friday announced that 98.47% of ₹2000 denomination banknotes in circulation have been returned since the withdrawal of the currency was declared on May 19, 2023.
The central bank stated that the total value of ₹2000 notes in circulation has seen a sharp decline over the past three years, indicating a near-complete phase-out of the high-value currency.
Circulation Drops from ₹3.56 Lakh Crore to ₹5,451 Crore
According to the RBI, the total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore at the close of business on May 19, 2023—the day the withdrawal was announced.
As of April 30, 2026, this figure has reduced drastically to ₹5,451 crore.
“Thus, 98.47 percent of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned,” the central bank said in an official statement.
Exchange and Deposit Facilities Still Available
The RBI highlighted that multiple channels remain open for the public to return or deposit ₹2000 banknotes:
- Exchange facility available at 19 issue offices of the RBI since May 19, 2023
- From October 9, 2023, individuals and entities can deposit ₹2000 notes directly into their bank accounts through RBI offices
- Citizens can also send ₹2000 notes via India Post from any post office to RBI issue offices for credit into their accounts
These measures have ensured smooth and accessible return of the withdrawn currency across the country.
₹2000 Notes Continue as Legal Tender
Despite their withdrawal from active circulation, the RBI clarified that ₹2000 banknotes continue to remain legal tender. This means they are still valid for transactions, although their usage has significantly declined.
Gradual Phase-Out Reflects Smooth Transition
The near-total return of ₹2000 notes reflects a well-managed and orderly withdrawal process, with minimal disruption to the financial system. The RBI’s multi-channel approach has played a key role in facilitating the seamless return and deposit of high-value currency.
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