Key Highlights:
- 98.18% of ₹2,000 notes returned: ₹3.56 lakh crore in May 2023 fell to ₹6,471 crore by February 2025.
- Deposit/exchange at RBI issue offices continues: The facility at bank branches ended on October 7, 2023.
- ₹2,000 notes remain legal tender: The public can deposit them via India Post or RBI offices.
- RBI urges remaining holders to return notes: Notes can still be credited to bank accounts.
The Reserve Bank of India (RBI) has confirmed that 98.18% of the ₹2,000 banknotes in circulation have been returned to the banking system. As of February 28, 2025, only ₹6,471 crore worth of such notes remain with the public.
This marks a significant reduction from ₹3.56 lakh crore, which was the total value of ₹2,000 notes in circulation when their withdrawal was announced on May 19, 2023.
Deposit & Exchange Facilities Still Open at RBI
While the facility to exchange or deposit ₹2,000 notes at bank branches ended on October 7, 2023, individuals can still deposit these notes at any of the 19 RBI issue offices across the country. Since October 9, 2023, the RBI has also allowed individuals and entities to send their ₹2,000 notes via India Post to any RBI issue office for deposit into their bank accounts.
₹2,000 Notes Still Legal Tender
Despite their withdrawal from circulation, ₹2,000 banknotes remain legal tender, meaning they can still be used for transactions. However, with most of these high-value notes now returned, their usage has significantly diminished.
The RBI continues to urge holders of ₹2,000 notes to exchange or deposit them at the earliest.
Source: The Economic Times
