The Reserve Bank of India (RBI) has provided an update on the withdrawal of ₹2000 denomination banknotes, revealing that as of February 28, 2025, only ₹6,471 crore worth of these notes remain in circulation. This marks a significant decline from the ₹3.56 lakh crore in circulation when the withdrawal was first announced on May 19, 2023, with 98.18% of the notes now returned.
Official copy of the notification is as follows
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on February 03, 2025.
2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023.
3. 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. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts.
4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹6,471 crore at the close of business on February 28, 2025. Thus, 98.18% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The ₹2000 banknotes continue to be legal tender.
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