The Reserve Bank of India (RBI) has revealed that ₹2000 notes worth ₹6,181 crore are still in circulation, despite the denomination being withdrawn two years ago.
On May 19, 2023, the RBI announced the withdrawal of ₹2000 banknotes, stating that the objective of introducing them in 2016—to quickly replenish currency after demonetization—had been fulfilled. At the time of withdrawal, ₹2000 notes worth ₹3.56 lakh crore were in circulation. Since then, 98.26% of these notes have been returned, leaving only ₹6,181 crore still in public hands.
Although banks stopped accepting deposits and exchanges of ₹2000 notes on October 7, 2023, the RBI continues to accept them at its 19 issue offices across India. Additionally, individuals can send ₹2000 notes via India Post to these RBI offices for direct credit to their bank accounts.
Despite the withdrawal, ₹2000 notes remain legal tender, meaning they can still be used for transactions. The RBI has urged the public to deposit or exchange remaining notes at its designated offices to complete the transition away from the high-value denomination.
