The Reserve Bank of India (RBI) reports that 98.15% of Rs 2000 notes have been returned to the banking system. As of January 31, 2025, Rs 6,577 crore worth of these notes remain in circulation. The RBI assures that these notes are still legal tender and can be deposited or exchanged through India Post and RBI offices.
The Reserve Bank of India (RBI) has revealed that 98.15% of the Rs 2000 banknotes have been returned to the banking system, leaving only Rs 6,577 crore worth of these high-value notes still in circulation. This marks a significant reduction in the total value of Rs 2000 notes from Rs 3.56 lakh crore when the withdrawal was announced in May 2023. The RBI confirmed the figures as of January 31, 2025.
The Rs 2000 notes, which were introduced in November 2016, continue to be legal tender. The RBI has assured the public that these notes can still be deposited or exchanged at RBI offices and through India Post. The process for exchanging or depositing these notes has been ongoing since October 9, 2023. Individuals and entities can send Rs 2000 notes via India Post from any post office within India to the RBI’s issue offices for credit to their bank accounts.
The RBI offices, which are accepting these notes for deposit and exchange, are spread across several locations in India, including Ahmedabad, Bengaluru, and Belapur, among others. The central bank further clarified that it remains committed to facilitating the smooth exchange of these notes and ensuring that they continue to circulate until they are fully returned to the banking system.
This measure comes after the RBI’s announcement on May 19, 2023, regarding the withdrawal of Rs 2000 denomination notes, with the aim to promote the use of lower denomination currency and enhance the currency management system in the country.
