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The Reserve Bank of India says over 98 per cent of ₹2000 banknotes have been returned since their withdrawal was announced in May 2023. Exchange and deposit facilities remain available at RBI Issue Offices, while the notes continue to be legal tender.
Withdrawal of ₹2000 Notes Nears Completion
New Delhi: The Reserve Bank of India (RBI) has said that the withdrawal of ₹2000 denomination banknotes from circulation is almost complete, with more than 98 per cent of the currency already returned to the banking system. The withdrawal was formally announced through a press release dated May 19, 2023.
According to the RBI, the total value of ₹2000 banknotes in circulation stood at ₹3.56 lakh crore when the withdrawal was announced. As of January 31, 2026, this figure has sharply declined to ₹5,609 crore, indicating that 98.42 per cent of the notes have been returned.
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Initially, the RBI allowed deposit and exchange of ₹2000 notes at all bank branches across the country until October 7, 2023. After this deadline, the facility was limited to specific RBI locations.
Since May 19, 2023, exchange services have been available at 19 RBI Issue Offices. From October 9, 2023, these Issue Offices have also been accepting ₹2000 notes for direct deposit into individuals’ and entities’ bank accounts.
To make the process easier for the public, the RBI also enabled a postal facility. Members of the public can send ₹2000 banknotes via India Post from any post office in the country to any RBI Issue Office. The amount is then credited directly to the sender’s bank account.
This option remains available, offering continued access even after the closure of exchange facilities at regular bank branches.
Despite the withdrawal from circulation, the RBI has repeatedly clarified that ₹2000 banknotes remain legal tender. This means the notes are still valid for transactions, though their active circulation has been significantly reduced.
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A similar update released earlier by the RBI showed that by February 28, 2025, 98.18 per cent of the withdrawn notes had already been returned, highlighting steady progress in the withdrawal exercise.
The central bank continues to publish periodic status reports on the withdrawal process to maintain transparency. The latest update confirms that only a small fraction of the ₹2000 notes remains outside the banking system.
