The Reserve Bank of India (RBI) announced on Tuesday that 98.21% of the ₹2000 banknotes have been returned to the banking system, leaving only ₹6,366 crore worth of these notes still in circulation.
On May 19, 2023, RBI declared the withdrawal of ₹2000 denomination notes. At that time, their total circulation stood at ₹3.56 lakh crore, which has now significantly dropped to ₹6,366 crore as of March 31, 2025.
Initially, banks were accepting deposits and exchanges of these high-value notes until October 7, 2023. However, RBI’s 19 issue offices continue to offer this facility. Since October 9, 2023, individuals and entities have also been allowed to deposit ₹2000 banknotes at these RBI offices.
Additionally, the public has the option to send these banknotes via India Post from any post office in the country to an RBI issue office for direct credit into their bank accounts.
Despite being phased out, ₹2000 notes remain legal tender, ensuring that they can still be used for transactions.
