RBI reports 98.21% of ₹2000 note returned, circulation down to ₹6,366 crore

The Reserve Bank of India (RBI) has reported a significant decline in the circulation of ₹2000 denomination banknotes, with 98.21% of the notes returned since their withdrawal was announced on May 19, 2023. The total value of ₹2000 banknotes in circulation has fallen from ₹3.56 lakh crore to just ₹6,366 crore as of 31 March 2025.

The RBI highlighted the effectiveness of its phased withdrawal strategy. Initially, the facility for depositing and exchanging high-value notes was available at all bank branches across the country until October 7, 2023. Post this deadline, the RBI continued to facilitate exchanges through its 19 Issue Offices.

In the latest RBI press release, issued on 2 April 2025, it said that on 1 March 2025, the facility for deposit and/or exchange of the ₹2000 banknotes was available at all bank branches in the country up to October 07, 2023. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023.  “These offices are situated at Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram,” per the press release.

“From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals/entities for deposit into their bank accounts,” per the press release.

Additionally, members of the public have been utilizing India Post to send their ₹2000 banknotes to RBI Issue Offices for direct credit to their accounts, ensuring a seamless and accessible transition away from the high-value denomination.

The ₹2000 banknote was introduced in November 2016 following the demonetisation of ₹500 and ₹1000 notes, aimed at addressing the immediate cash crunch. However, in its announcement on May 19, 2023, the RBI cited reduced usage of the note in daily transactions as a key reason for its withdrawal from circulation.