Mumbai, June 2, 2025: The Reserve Bank of India (RBI) has reiterated that ₹2000 denomination banknotes continue to be legal tender, despite the ongoing withdrawal process initiated on May 19, 2023. According to the RBI’s latest update on May 2, 2025, approximately 98.26% of ₹2000 banknotes in circulation as of May 19, 2023, have been returned, significantly reducing their presence in the economy.
The RBI announced the withdrawal of ₹2000 banknotes in May 2023, when the total value in circulation stood at ₹3.56 lakh crore. By May 31, 2025, this figure had plummeted to ₹6,181 crore, reflecting the success of the withdrawal initiative. The central bank has facilitated the exchange and deposit of these notes through multiple channels, including all bank branches until October 7, 2023, and subsequently at its 19 Issue Offices across the country.
Since October 9, 2023, these offices have also accepted ₹2000 notes for direct deposit into bank accounts. Additionally, the public can send ₹2000 notes via India Post from any post office to an RBI Issue Office for credit to their accounts. Despite the significant reduction in circulation, the RBI has emphasized that ₹2000 banknotes remain valid for transactions. “The ₹2000 notes continue to be legal tender, and the public can use them for payments or exchange them at designated facilities,” an RBI spokesperson clarified.
The RBI continues to monitor the withdrawal process and encourages individuals still holding ₹2000 notes to utilize the available facilities for exchange or deposit. For further details, the public can refer to the RBI’s official communications or visit www.rbi.org.in.
