Currency notes of ₹2,000 denomination remain legal tender even after it was removed from circulation. File photo.
| Photo Credit: Ragu R

The total value of ₹2,000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when its withdrawal was announced, has declined to ₹6,839 crore at the close of business on November 29, 2024, the Reserve Bank of India (RBI) said on Tuesday (December 3, 2024). 

“Thus, 98.08% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned,” it said.

Data | ₹2,000 Banknotes: A fading presence

The RBI had announced the withdrawal of ₹2,000 denomination banknotes from circulation on May 19, 2023. However, it continues to be a legal tender.

The facility for deposit and/or exchange of the ₹2,000 banknotes was available at all bank branches in the country upto October 7, 2023.

The facility for exchange of the ₹2,000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices) since May 19, 2023. 

From October 9, 2023, RBI Issue Offices are also accepting ₹2,000 banknotes from individuals and 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.