Two Years After Withdrawal, Rs 2,000 Notes Remain in Circulation

Despite the Reserve Bank of India (RBI) announcing the withdrawal of Rs 2,000 denomination banknotes two years ago, notes worth Rs 6,266 crore are still in circulation. These notes continue to be legal tender, according to official data.

Significant Reduction in Circulation

At the time of the announcement on May 19, 2023, the total value of Rs 2,000 banknotes in circulation was Rs 3.56 lakh crore. As of April 30, 2025, this figure has dramatically dropped to Rs 6,266 crore, indicating that 98.24% of the notes have been returned.

RBI's Measures for Note Exchange

The RBI provided a facility for depositing or exchanging these notes at bank branches until October 7, 2023. Post this date, individuals can still exchange or deposit them at the 19 designated RBI issue offices. Furthermore, from October 9, 2023, individuals and entities have been able to deposit Rs 2,000 notes into their bank accounts at these RBI offices. The RBI also permits sending these notes via India Post from any post office across the country to its issue offices for credit into bank accounts.