Mumbai: Despite the Reserve Bank of India’s decision to withdraw Rs. 2,000 denomination banknotes from circulation over a year ago, high-value currency worth Rs. 6,181 crore remains in circulation, according to data released by the central bank on Monday.
The Rs. 2,000 notes continue to retain their legal tender status, even though the RBI had announced their withdrawal on May 19, 2023, citing the denomination’s limited use in everyday transactions and the completion of its objective to meet urgent currency requirements post-demonetisation.
At the time of the announcement, the total value of Rs. 2,000 notes in circulation stood at Rs. 3.56 lakh crore.
As of May 31, 2025, this has dropped sharply, with 98.26% of those notes returned to the banking system.
The RBI noted that the facility for depositing or exchanging Rs. 2,000 notes at commercial banks was available until October 7, 2023.
However, individuals can still deposit or exchange these notes at 19 designated RBI Issue Offices across the country.
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In addition, since October 9, 2023, the RBI has allowed individuals and entities to continue depositing Rs. 2,000 notes into their bank accounts via these issue offices.
People may also use India Post services to send the notes to any RBI Issue Office for direct credit into their bank accounts.
The RBI’s latest update reflects the near-completion of the process, while also ensuring accessibility for those still holding on to the withdrawn currency.
