RBI Winds Down Rs 2000 Note Withdrawal

The Reserve Bank of India announced that 98.18% of Rs 2000 banknotes have been returned to the banking system, leaving Rs 6,471 crore worth in public hands. The withdrawal process, initiated on May 19, 2023, continues with several options for public submission. Rs 2000 notes remain legal tender.

The Reserve Bank of India (RBI) has confirmed the successful return of 98.18% of Rs 2000 denomination banknotes to the banking network. As of February 28, 2025, only Rs 6,471 crore remain in circulation outside the banking system.

Following the May 19, 2023, announcement to withdraw these notes from circulation, the total value dropped sharply from Rs 3.56 lakh crore. Individuals had access to deposit or exchange facilities at bank branches until October 7, 2023. Currently, these facilities operate exclusively at 19 RBI issue offices.

From October 9, 2023, these offices have been accepting deposits from individuals and entities via banks or India Post. Despite the withdrawal process, the Rs 2000 notes continue to be recognized as legal tender.

(With inputs from agencies.)