The Reserve Bank of India (RBI) has reported a significant reduction in the circulation of ₹2000 denomination banknotes, with 98.15% of the total Rs 2000 notes withdrawn since their withdrawal was announced on May 19, 2023. According to RBI's latest update, the value of Rs 2000 banknotes in circulation has dropped from Rs 3.56 lakh crore to just Rs 6,577 crore as of January 31, 2025.
Official copy of the notification released by RBI is as follows
The Reserve Bank of India (RBI) had announced the withdrawal of Rs. 2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of Rs. 2000 banknotes is periodically published by the RBI. The last press release in this regard was published on January 01, 2025.
2. The facility for deposit and / or exchange of the Rs. 2000 banknotes was available at all bank branches in the country upto October 07, 2023.
3. The facility for exchange of the Rs. 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 Rs. 2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending Rs. 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 Rs. 2000 banknotes in circulation, which was Rs. 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs. 2000 banknotes was announced, has declined to Rs. 6,577 crore at the close of business on January 31, 2025. Thus, 98.15% of the Rs. 2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The Rs. 2000 banknotes continue to be legal tender.
CAclubindia
