RBI Reports 98.18% Return of ₹2,000 Banknotes
The Reserve Bank of India (RBI) has confirmed that 98.18% of the ₹2,000 denomination banknotes have been returned to the banking system. As of February 28, 2025, ₹6,471 crore worth of these high-denomination notes remain in circulation.
Withdrawal Announcement and Implementation
The RBI had announced the withdrawal of ₹2,000 banknotes from circulation in May 2023 as part of its ongoing currency management strategy. At that time, the total value of these notes in circulation stood at ₹3.56 lakh crore. The move aimed to reduce the dependency on high-value currency and promote a more digital and formalized economy.
Deposit and Exchange Facilities
To ensure a smooth transition, the RBI initially allowed deposit and exchange of ₹2,000 notes at all bank branches until October 7, 2023. After this period, the facility continued at the designated RBI issue offices across the country. Additionally, from October 9, 2023, individuals and businesses were permitted to deposit these banknotes into their accounts at RBI offices.
Legal Tender Status and Public Response
Although the ₹2,000 banknotes have been withdrawn from active circulation, they continue to remain legal tender. The widespread participation of the public in exchanging and depositing these notes has significantly reduced their availability in the economy. The RBI’s structured approach has helped maintain stability and public confidence throughout this transition.
Continued Efforts for Currency Circulation Management
The RBI continues to monitor the circulation of the remaining ₹2,000 banknotes and encourages those still in possession of these notes to exchange or deposit them through the available channels. This initiative aligns with the RBI’s broader objective of promoting an efficient and transparent financial system, strengthening India’s transition toward a digital economy.
With the vast majority of ₹2,000 notes already returned, the process has been largely successful, ensuring minimal disruption while advancing India’s evolving currency landscape.
