Rs 2,000 Notes Almost Gone: 98% Returned, Only Rs 6,691 Crore Left With Public, Says RBI

Progress on ₹2,000 Note Withdrawal

The withdrawal of ₹2,000 denomination banknotes was first announced on May 19, 2023. At that time, ₹2,000 notes worth ₹3.56 lakh crore were in circulation. Since then, the RBI has regularly updated the public on the progress of this withdrawal.

What to do if you still have ₹2,000 denomination notes

While the facility for depositing or exchanging ₹2,000 notes at all bank branches ended on October 7, 2023, individuals and entities can continue to exchange or deposit these notes at 19 designated RBI Issue Offices. Additionally, the public can send ₹2,000 notes via India Post from any post office in the country to these RBI offices for credit to their bank accounts.

Legal Tender Status Retained

Despite being withdrawn from circulation, ₹2,000 notes remain legal tender. This means they can still be used for transactions or deposited into bank accounts without any restrictions.

Key Withdrawal Milestones

Announcement: The withdrawal of ₹2,000 notes was announced on May 19, 2023.
Initial Circulation Value: ₹3.56 lakh crore worth of ₹2,000 notes were in circulation at the time.
Current Status: As of December 31, 2024, only ₹6,691 crore worth of these notes remain with the public, marking the return of 98.12% of the total.
Continuing Facilities: RBI’s 19 Issue Offices continue to accept ₹2,000 notes for deposit or exchange.

Background on ₹2,000 Notes

The ₹2,000 banknote was introduced in November 2016 to address cash shortages following the demonetisation of ₹1,000 and ₹500 notes. With this withdrawal, the currency landscape in India is undergoing another significant change.

The RBI’s ongoing efforts have ensured an orderly withdrawal process while retaining the legal status of the ₹2,000 notes, providing ample opportunity for individuals to exchange or deposit them.