RBI announces 98.47% of ₹2,000 notes have been returned
What's the story
The Reserve Bank of India (RBI) has announced that 98.47% of the ₹2,000 banknotes in circulation have been returned. The central bank had announced the withdrawal of these high-denomination notes on May 19, 2023. At that time, the total value of ₹2,000 banknotes in circulation stood at ₹3.56 lakh crore.
Value drop
Total value of notes has dropped significantly
Since the withdrawal announcement, the total value of ₹2,000 banknotes in circulation has dropped significantly. As of April 30, 2026, it was just ₹5,451 crore. This drastic decline indicates that a majority of these high-denomination notes have been returned to the RBI for exchange as well as deposit into bank accounts.
Exchange
It is still legal tender
The RBI has been providing facilities to exchange ₹2,000 banknotes at its 19 issue offices since May 19, 2023. From October 9, 2023, these offices also accepted such notes from individuals or entities for deposit into their bank accounts. The central bank has clarified that despite the withdrawal announcement, ₹2,000 banknotes still remain legal tender in India.