₹2,000 notes withdrawal: ₹6,691 crore worth currency still with public
What's the story
The Reserve Bank of India (RBI) has said that 98.12% of the ₹2,000 denomination banknotes have returned to the banking system. Only ₹6,691 crore worth of these notes are still in circulation among the public as of December 31, 2024. The RBI had first announced its decision to withdraw these high-value banknotes from circulation on May 19, 2023, when their total value was a staggering ₹3.56 lakh crore.
Ongoing acceptance
RBI continues to accept ₹2,000 notes post withdrawal
The facility to deposit or exchange the ₹2,000 notes was available at all bank branches until October 7, 2023. Since then, the RBI's 19 issue offices across India have been accepting these banknotes from individuals and entities for credit into their bank accounts. Members of the public can also send their ₹2,000 notes through India Post to any RBI issue office for account credit.
Legal status
₹2,000 banknotes remain legal tender despite withdrawal
Despite their withdrawal from circulation, the ₹2,000 banknotes remain legal tender. The RBI's issue offices accepting these notes are situated in major cities across India such as Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, etc. The ₹2,000 denomination was first introduced in November 2016 after the demonetization of the then-existing ₹1,000 and ₹500 notes.