The Reserve Bank of India (RBI) on Monday said 98.44 per cent of the Rs 2,000 banknotes in circulation have been returned.
The central bank announced the withdrawal of Rs 2,000 denomination banknotes from circulation on May 19, 2023.
The total value of Rs 2,000 banknotes in circulation has declined to Rs 5,551 crore at the close of business on February 28, 2026, from Rs 3.56 lakh crore at the close of business on May 19, 2023, when the central bank announced withdrawal of Rs 2000 banknotes, the release said.
The Reserve Bank of India has released its latest update on the withdrawal status of ₹2000 denomination banknotes. The central bank confirmed that a significant portion of these banknotes has been returned since the withdrawal announcement on May 19, 2023.
The facility for deposit or exchange was initially offered at bank branches and later extended through RBI Issue Offices and India Post services. The ₹2000 banknotes, however, continue to remain legal tender.
Deposit and Exchange Options Provided
Bank branches (until October 07, 2023)
The public could deposit or exchange ₹2000 notes at bank branches up to October 07, 2023, giving people time to return the notes gradually.
RBI Issue Offices (from May 19, 2023)
Exchange services were available from May 19, 2023, at 19 RBI Issue Offices across India.
From October 09, 2023, individuals and entities could also submit ₹2000 notes at RBI Issue Offices for deposit into their bank accounts.
Depositing Through India Post
To make the process easier for people who may not be near a bank branch or RBI office, RBI enabled deposits via India Post as well. Members of the public could send ₹2000 banknotes from any post office to any RBI Issue Office for credit into their bank accounts.
This helped improve access, especially for remote areas, and supported the continued decline in ₹2000 notes in circulation.
Current Status of ₹2000 Notes in Circulation
RBI reported that the value of ₹2000 banknotes in circulation stood at ₹5,609 crore as of January 31, 2026, down from ₹3.56 lakh crore on May 19, 2023.
It also noted a return rate of 98.42%, showing strong public participation in the withdrawal process. Even after being withdrawn from circulation, the RBI clarified again that ₹2000 notes remain legal tender.
Conclusion
The RBI’s latest update reflects a significant return of ₹2000 banknotes, with only ₹5,609 crore remaining in circulation. The facilities offered at bank branches, RBI Issue Offices, and through India Post have supported the return process.
The high percentage of returned notes highlights wide public participation in the withdrawal exercise. The ₹2000 banknotes continue to be legal tender, as reaffirmed by the central bank.