The Reserve Bank of India (RBI) has reported that 98.26% of ₹2,000 banknotes are now out of circulation. On May 19, 2023, their total value was ₹3.56 lakh crore, which decreased to ₹6,181 crore by May 31, 2025. However, these notes remain legal tender and can be deposited or exchanged through RBI's 19 regional offices.
Circulation Reduction Data
According to the RBI, the total circulation of ₹2,000 banknotes was ₹3.56 lakh crore on May 19, 2023. Due to the RBI's phased withdrawal process, this decreased to ₹6,181 crore by May 31, 2025. This means that 98.26% of the notes have been deposited or exchanged at banks.
This process commenced in May 2023, allowing citizens to exchange notes through banks until October 7, 2023. After this date, the facility was limited to only 19 designated RBI regional offices.
Notes Still Legal Tender
Although ₹2,000 banknotes are almost entirely out of circulation, they retain their status as legal tender. This means they can still be used for transactions.
Practically, many retailers and businesses may be reluctant to accept these notes, but their use remains technically valid. The RBI has clarified that these notes can be deposited or exchanged at any RBI regional office.
Deposit Options
Individuals holding ₹2,000 notes can still deposit them through the following channels:
- 19 RBI Issue Offices:
Since October 9, 2023, both individual and institutional customers can deposit notes at these offices. The deposited amount is directly credited to their bank accounts. - Indian Postal Service:
Individuals unable to visit an RBI office can send their ₹2,000 notes to the relevant RBI office via the Indian Postal Service, where the amount will be credited to their accounts.
The process of withdrawing ₹2,000 banknotes from circulation is almost complete. Recently released RBI data clearly shows that a large number of notes have been returned. Although these notes still hold legal validity, their use in transactions has become extremely limited.
